Friday, April 17, 2015 3:27:29 PM
When you hear the word "bankruptcy," it probably means a Chapter 7 proceeding. In a Chapter 7 bankruptcy, your assets (other than your exempt assets) are gathered together and sold. Any unsecured debt that isn't paid off from the sale proceeds is discharged, giving the debtor a debt-free fresh start.
http://www.bizfilings.com/toolkit/sbg/run-a-business/assets/chapter-7-discharges-debts-provides-fresh-start.aspx
The Uccello BK was a Chapter 7 BK.
He most likely used it the same way other folks use it now days. "Gift" away all your assets (to trusted friends and family), Then file for BK to avoid paying your debts. Get that "Fresh Start".
The Irrigation company that I had a contract with many years back filed for BK. They hid their assets, then opened another business with a new group of scumbags. It was very insulting to me to not get paid, then see all the same equipment in use by the same guy, in some cases with the original company name visible.
So tell me again how Uccello is like Lincoln?
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