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It doesn't. Bankruptcy courts and courts in general are pretty wise to the idea of "debts" and dubious last minute transfers to family members, close relatives,
by CPLX 7y ago
It doesn't. Bankruptcy courts and courts in general are pretty wise to the idea of "debts" and dubious last minute transfers to family members, close relatives, and so on. This guy is definitely not the first person to think of the idea.
- exclusiv 7y agoCorrect. You can't magically draft a senior lien. Unless it's a house in an HOA in a super lien state. Or you're the government and taxes are owed. So there are some instances where a senior lien can be recorded later, but an outstanding auto-loan - not that I'm aware of. Skirting what's owed, playing games with manufactured leverage, getting repossessed - these are all the factors that cause people with lower credit scores to pay a lot more for their loans.