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Can't pay it back


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Posted by Ron N in TX (65.161.188.11) on July 31, 2003 at 15:10:36:

Ok, Let's say that I've made the mistake of using the corporate credit cards for some personal purchases. On top of that I allocated funds for expenditures that were considered frivolous by the public and members of our Board of Directors even though I feel they were in the best interest of the corporation when entertaining customers and holding meetings with our vendors.

I had a great salary, and was given a very generous severence when I was released from my contract, even so, I would rather not pay the debt owed to the corporation back.

Over the years I took precautionary steps to secure my assets by the creation of trust funds, offshore investments, and by distributing much of my wealth within the family. Even my salary (and severence) was paid into an offshore account to prevent my paying exhorbitant tax rates.

All that I really own to date is several leased automobiles, 65,000 acres of land as a homestead in TX, and some furniture.

If I am sued in TX for the debt owed to the corporation, and a judgement is found against me, can a lien be placed against my homestead or the vehicles I don't really own?

Just hypothetically, of course.


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