DEBT COLLECTOR’S HANDBOOK

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(From The Debt Collector’s Handbook: Collecting Debts, Finding Assets, Enforcing Judgments, and Beating Your Creditors, Chapters 1 and 2)

 

All cookbooks teach the foundations. What is the temperature of the oven? How do you dice and slice onions? How do you make couscous without turning it into mush? How do you blanch asparagus? How to slice an expensive cut of meat? What wine should be served with lamb, salmon, or pasta?

 

Learning the ropes of unearthing assets that are secreted in bank accounts that are cloaked by newly minted entities requires a course in the foundations. Some of this information is new, some is old, some is tried, but all is true. Take a seat, grab the coffee, and highlight what you want in yellow marker. We are going to offer various techniques, lessons of law and business, the rules of the legal and business road, the lingo of the experts, the rudiments of enforcement, and the deep, dark secrets of hiding money. I will show you the money, Tom.

 

We are going to expand your lexicon. You are going to talk the talk, do the walk, and ask questions that show that you know your

NEWS FLASH #2

NEWS FLASH #2

This is a true story. Yesterday. No kidding. Check it out. This story is from the Washington Post, Legal Section. Investigative reporters vetted this story. God help me if the Post sues me for a copyright violation.

 

Mesmerized by Beyonce on his smart phone, Joe Padoodle Doodle ploughed through a red light. This was bad. Doodle never made it to the cross walk on the far side of intersection because he smashed into the Old Lady in the Shoe with her gaggle of kids in tow. They were on the way to the bank to refinance the Shoe. Did you know that a body can fly in the air? Mother Hubbard and her dog, on the other side of the street, were knocked down because two of kids (twins, if you ask) slammed them to the pavement. Mother Hubbard and the dog were DOA. Escorting Mother Hubbard, Little Bo Peep survived with just a splattering of the kid’s blood and gore, but her sheep took a broadside of flying bodies. The CCTV at the intersection got everything. Post digital, the carnage went viral.

 

Ms. Lawyer got the case. She was a very lucky person. Daddy Warbucks was the defendant, and the Estate of Orphan Annie was the Plaintiff. She might retire off this case. Why? Mr. Doodle just sold OffshoreBanking.Com (an App) to Google for a zillion dollars.

 

Ms. Lawyer sued. Ms. Lawyer served. Doodle had insurance, but for reasons unknown to any member of mammal species, only $1 million in primary insurance, and a $5 mil umbrella. The Old Lady had a brood of kids. Pre-Ocotomom. Counsel offered Ms. Lawyer policy limits which was chump change given Doodle’s net worth and the raft of very dead people. Counsel offered financial disclosures.

Aside from the normal request for financial, banking and stock statements, and tax returns, what else should she ask for? Answer: Ms. Lawyer can have the defendant provide transcripts of tax returns by submitting an IRS form 4506T-EZ. The transcript will reveal far more than the tax return offered by the defendant which might be fabricated, redacted, incomplete, or altered.

By: David J. Cook