USA TODAY STORY DISCUSSES AN ASSET PROTECTION SCHEME

A USA Today article from today, “Legal Gaps Help Hide Assets From Creditors, IRS,” discusses schemes, and even a business assisting with schemes, to hide assets from creditors.  Here’s a link, which has embedded links to prior, related stories.  Among other things, the article reminds us of how difficult and expensive it can be to collect unsecured debt — perhaps a good lesson for secured lenders as to how important it is to evaluate collateral before making a loan.  Banking on the hope of recovering a deficiency judgment can be a risky proposition.