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Businessman faces bankruptcy challenge after moving to Texas

When a person files Chapter 7 bankruptcy, he or she will typically have to liquidate certain assets to help satisfy creditors. Although some items are exempted from bankruptcy proceedings, a large share of property and assets may be on the table to help find debt relief.

A businessman is facing trouble in his personal bankruptcy case because he may have inappropriately kept certain assets when he moved to Texas. According to news reports, Jeff Parsons kept collectible items during bankruptcy that should’ve been liquidated. Parsons, who runs road shows throughout the country, was previously accused of hiding valuable metals, jewelry and cars when his business was in bankruptcy.

According to the bankruptcy court's complaint, Parsons transferred assets to family members and acquaintances in an effort to keep them out of bankruptcy. Of course, such moves are something that should be avoided before and during bankruptcy proceedings.

After filing for bankruptcy protection, the courts and trustees are very sensitive to the financial moves a person makes. As this particular case shows, making questionable asset and property transfers can create a whole host of legal complications. Until these issues are resolved, Parson's debt relief efforts will be put on hold.

Bankruptcy law is immensely complicated. Because Chapter 7 filings often require individuals to liquidate a number of their assets, it's important to understand what can and can't be exempted. Certainly, many people may not be able to sort through this on their own, which is why consulting with an experienced attorney can prove be informative and beneficial for successful and effective debt relief.

Source: The State Journal-Register, "Bankruptcy complaint follows Parsons to Texas," Tim Landis, Oct. 2, 2013

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