Re: Inheritance and creditors

Posted by Keyser Soze (205.188.209.12) on April 15, 2003 at 23:02:40:

In Reply to: Inheritance and creditors posted by Arnie on April 15, 2003 at 22:10:37:

This is my favorite Credit Card and Collection Agency Scenario. You did all the right and honorable things to responsibly settle these debts when you had the means, and the stone-hearted greedy-gut buggers showed you absolutely no courtesy. They live by the motto that one hundred fifty percent of everything is better than two thirds of something.
Now let them have their reward - nothing for openers. As their greed gets the better of them, write them up to the FTC and your state AG for the violations of the FCRA and FCDPA which they surely will commit as an integral part of their job.
Your SSDI payments should be untouchable in your state, exempt. You stand to inherit so it isn't likely that these ghoulish jackanapes will send any of their lickspittle greedheads to the distribution ceremonies to take what is rightfully yours.
If this were a spousal situation they might well make their presence known, first by the stench of greed. But they probably won't note any connection twixt you and the deceased. Take what is yours and place it perhaps in an out of state bank, better yet in a corporate bank account under corporate tax i.d. number. Or just take your distribution in cash and bury it in the walls. If finances permit, you might wish to form a Limited Liability Partnership.
These are a bit costly to form, they cost money to keep up every year, yet they protect your assets from judgement creditors of many stripes. collection attorneys face a costly battle going after assets protected by the LLP. Should they succeed in gaining a charging order against the partnership, the general partner issues an order saying no distributions will be made and that's it.
But wait, there's more,as they say on late night TV ads. There is a poison pill feature to these LLP's. Although the judgement creditor gets no money,you can declare 'phantom profits' and assign him the tax liability for his share. And the IRS position on this is that he's stuck, insofar as anyone with the means to sue and get a charging order against an LLP jolly well has the means to pay tax. Thus, another creditor insect squashed.
In the meantime, when these pests call, say nothing to them. send a Cease and Desist Letter - samples on this website. Require that they correspond on ly by mail. Let them know you are permanently and totally disabled and send a copy of this to the FTC and your local Social Security case worker. Let the collector know outright that you are going to smash these cruds back. You are also telling them that there is nothing to get.
Despite their threats and of late sue-happy antics, the collectors are know that suing you costs them money to file and litigate. Asset searches to locate your bank account will be threatened. Big deal. Call a legit private investigator and they'll tell you that these searches usually are for an account in one name at a time in one state at a time for banks only. Searches for money in brokerage accounts - hint hint - are several times more costly.
Is some collection agency located in the basement of Farmer Doakes' outhouse really going to shell out upwards of five hundred to two thousand dollars to find your assets? Doubtful.
Nevertheless, take these buggers seriously. What they lack in human decency and brains they make up for with mean spirited cunning. Keep in touch. Some of us have been rather rudely treated, I'm sorry to say,when we were in like circumstances, by these greedy inhuman pigs.
A long memory ensures that many of us will gladly help you in any way we might to make the lives of collectors interesting,in the full sense of the ancient Chinese curse.
By all means,report the distress of this to your doctor,report your upset following every call from a collector, every one of their letters to your doctor as well. It is against FTC regs to cause injury of any sort to people while collecting debts. And remember, you are disabled, so say the federal courts. That's another big stick with which to whack these disturbed little putrid insects, should they be so impolite as to bother you. Please stay in touch,no one should have to suffer because they owe somelong ago written off money to some bank. Especially not at the hands of some coward hiding under a toilet in a backroom collection agency. Glad to help anytime.

Helpfully,

Keyser Soze

"Hear warming, I'm weepy."
- Det. Jeff Rabin,
"The Usual Suspects",
c. 1995

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