Political consultant may have hidden assets in bankruptcy

A Minnesota political consultant has had his bankruptcy process put on hold while the possibility that he has hidden assets is investigated following a phone call to his bankruptcy trustee from a neighbor. The man has more than $1 million in debt, and a large portion of it is the result of civil suits with neighbors.

The man's finances have been in dispute throughout the bankruptcy proceedings. At one point it was believed that he owned a Porsche he had not claimed, but the man said that he had kept up registration on it after selling it because he wanted to keep his vanity plate. There have also been issues regarding a safety deposit box and his children's ages and status as dependents.

What became of nearly $1 million in mortgage money is also being investigated. The man says that the companies he owns do not have bank accounts and that his consulting work pays him in cash.

Individuals who are facing less complex financial situations may also be eligible to file for bankruptcy. In many cases, medical debt, divorce, unemployment and other unexpected life circumstances may result in people being unable to pay their bills, and if this is the case, they may wish to discuss their situation with an attorney. Filing for bankruptcy does not mean that people automatically must give up assets such as their vehicle or home, and in some cases, people may begin a fresh financial start rebuilding their credit not long after the bankruptcy has been concluded. An attorney can explain the eligibility requirements for Chapter 7 and Chapter 13 during a discussion of debt relief alternatives.

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