Business Lawyer
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If assets are hidden during a divorce, are they inaccessible after the divorce is finalized?
If assets are hidden during a divorce, are they inaccessible after the divorce is finalized? Tim Cella Former Paralegal at Ascent Law (2018–2021) I’ve said something like this before, both parties in a divorce are required under the law to disclose all of their assets. This is not like “hey, you’re supposed to tell the other side about your bank account” - this is the law. The full and honest disclosure of assets is a requirement . If it is later discovered that assets were hidden during the divorce proceedings, there are legal mechanisms to address the issue, even after the divorce is finalized. The specific remedies can depend on the state's laws—in Utah, for example, the courts take such matters seriously. If hidden assets are discovered after the finalization of a divorce, the aggrieved party may file a motion to reopen the case based on fraud or non-disclosure. The courts can then potentially alter the original division of assets. Additionally, th...
When should you consider bankruptcy instead of debt settlement?
When should you consider bankruptcy instead of debt settlement? Tim Cella used to work at several law firms I’ve seen many people file bankruptcy over the years. The law firm I used to work at rarely did debt settlements. If you’re thinking about bankruptcy, things are probably far beyond debt settlement. I would consider the following in making your decision: Cost and Duration : Debt settlement can be a more lengthy and costly process than bankruptcy. If you engage a debt settlement company, you might pay fees as high as 20%-25% of your original debt. Bankruptcy, on the other hand, can offer immediate relief and a fresh start, though it also carries long-term consequences. Immediate Relief Needs : If you need immediate relief and are unable to pay monthly fees that are often associated with debt settlement plans, bankruptcy may be the best or only solution. Extent of Debt : Bankruptcy, particularly Chapter 7, can be completed within six to nine months, providin...