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Bankruptcy

Hiding Assets in California

Often, asset protection advice is bereft of any discussion of California exemption statutes — which often provide the most efficient and safest asset protection. But to properly protect an asset in California, it's generally best to understand and maximize exemptions.

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The vicissitudes of consumer fortune appear to have led to the “asset protection” industry. A cursory Internet search of the phrase, “asset protection” produces pages of advice for “protecting” assets from creditors and, ostensibly, from bankruptcy trustees. Often, asset protection advice is bereft of any discussion of California exemption statutes — which often provide the most efficient and safest asset protection — and fails to admonish the unwary of powerful creditor rights. Most asset protection discussion forums ignore the consequences of a Chapter 7 bankruptcy filing should asset protection counter-measures be deployed in response to a creditor’s asset-hungry appetite. Ironically, some asset protection tools leave assets completely naked, and strip them of any protection afforded under exemption statutes.

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