If a Limited Liability Company (LLC) or Corporation is set up only to ‘hide assets’, a debtor could pursue legal action to pierce the corporate veil and seize the assets of the fraudulent LLC or Incorporation.
There are many far better ways to work with creditors to solve debt problems.
For advice specific to any personal legal questions, Standard Legal always recommends you consult an attorney; you can find one for FREE at Standard Legal’s Attorney Find page.
You can also review the debt resolution and credit repair information detailed at American Legal Review.