Using a Corporate Umbrella to hide assets from Debt Collection Agencies
Using a limited partnership or corporation to hide real estate assets is similar to hiding assets with a real estate trust. Many states require that deeds also cross-reference the information to any business partner who has signed the real estate agreement and that the corporation provides an annual report on their behavior. Most corporations also have a statutory agent or lawyer who is a third-party.
Talking with the debtor’s corporate connections and business partners can help bring forward information regarding possible hidden assets and his/her business. Try to get details from any corporate files you can as they might also have information of hidden assets.
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