Niko Villamor

The Internet world which is now becoming popular more and more as day passes by, has opened up much more new avenues and opportunities in all areas of business. Different kind of business that we do know are all important and are helpful to many of us. But aside from the industrial business, shopping online, services online we can now be able to find the gaming industry. Which is one of the reason why people prefer to surf and search on the internet. Why many people do want to get connected on the internet all the time.

The gaming industry do have the exciting games that you can usually play on the online casino. That aside from the children’s games, adventure games you can now be able to find the casino games on the internet these days. It is the most popular Internet game because as we all know it involves money, and whereever the money is, there is the people around it, or the people are following it. As it is one of the most thrilling and highly energetic games that you can find online. Here you can follow a site on my post the snowdrop online casinos where they can be able to give you more details and things you need to know about the usa online casinos games. They can serve to be your guide to find out more about the games and the features for the casino sites.

There are many debts that cannot be proved against the estate of an insolvent person. These are prescribed claims, unliquidated claims, claims previously given fraudulent preference by the debtor, secured claims where the creditors chose to pursue security and attachments levied, judgments entered, and exceptions issued more than one month preceding the petition for insolvency. In one case, it was held that attachments and judgments which are not provable in insolvency proceedings are attachments levied within one month immediately preceding the commencement of insolvency proceedings and judgments entered in any action filed within 30 days immediately prior to the commencement of the insolvency proceedings. One purpose of the Insolvency Law is to effect an equitable distribution of the insolvent’s property among his creditors. If the insolvent debtor will be allowed to make fraudulent transfers or preferences, the distribution of the insolvent’s estate can no longer be equitable, thereby violating the object of the Insolvency Law.
The debtor may be discharged or released from all obligations prior to insolvency. Some conditions should be satisfied before the debtor’s application for a discharge may be entertained. These are 1) the application must be filed not earlier than three months nor more than one year after the adjudication of insolvency, and 2) the debtor must not have committed any of the acts enumerated by the law to prevent a discharge. Under the Insolvency Law, a debtor may be allowed to petition the court to suspend payment of his debts.
But what if a year after the debtor has been adjudged insolvent and not having paid his debts in full, he was able to acquire an outrageous fortune? Could his creditors successfully sue the debtor for the unpaid balance of his debts? The suit filed by the creditors will not prosper. After an insolvent was given a discharge by the insolvency court, the discharge will operate to free him from paying the unpaid balance of his obligations brought within the jurisdiction of the insolvency court, and also frees his future acquisitions from the payment of obligations to his creditors not fully paid from his assets during the insolvency proceedings.

Insolvency is not a legal panacea that will solve all debt problems. It has a long-term impact on your credit-worthiness. There are some debts that are not affected by the discharge of the insolvent. The following debts are not released by a discharge in bankruptcy: assessments due to the national and local governments, debts due to fraud embezzlement or defalcation by the debtor, debts with another where he is bound solidarily, alimony, corporate debts and debts not included in the schedule submitted by the insolvent debtor. Some strange occurrences have happened to some insolvent persons that have resulted in a large windfall to their families. It may seem that a man, even if insolvent, should be able to secure some protection for his wife and children by insurance. The old statutes in some American states allow this but they limit the amount that may be provided at the expense of creditors.

As for real estate (specific immovable property), the following claims, mortgages and liens will be preferred and shall constitute an encumbrance on the immovable or real right:
1) Real estate taxes,
2) Unpaid price of the real property,
3) Unpaid wages and salaries of laborers, architects, engineers and contractors,
4) Claims for furnishers of materials,
5) Mortgage credits recorded in the registry of property (now Registry of Land Titles and Deeds) upon the real estate mortgage,
6) Improvement expenses,
7) Credits annotated in the Registry of Property by virtue of a court order, by attachments or executions and only as to later credits,
Claims of co-heirs for warranty in the p&tition of an immovable among them,
9) Claims of donors of real estate for pecuniary charges or other conditions imposed upon the donor, 10) Credits of insurers for the insurance premium for two years, (Articles 2236-2251, Civil Code).

The declaration of bankruptcy spawns a feeding frenzy, a time to negotiate the terms of surrender. The white flag has been raised. If you are in the midst of financial quagmire and unpaid bills start to pile up, there will be a long line of creditors outside your doorstep knocking furiously to secure payment from you. You will receive harassing telephone calls and dirty demand letters telling you to pay up.. .or else! Yes, the law prefers some creditors to others. The law acts as a traffic police officer manning the intersection to prevent vehicles from crashing against each other. Rumblings that this law is unfair have been voiced out over the years. Why should some creditors get paid ahead of others? The reason behind this law is to provide an orderly scheme or sequence for creditors to collect their debts. Based on their status, some creditors would have to be preferred to provide a systematic approach to the problem of who gets paid first. Creditors cannot rush to the door and expect to get paid all at the same time. This situation is conducive to pandemonium. Creditors should initiate legal steps to put liens on your identified properties to make sure that their stake will be respected once your properties are liquidated and sold to pay for your debts. A lien is a charge affecting the property subject to the lien. The law established what is known as “preference of credits” to guide the courts and other persons involved as to who or what gets paid first to avoid a mad scramble. Creditors, claimants and lien holders will line up to be paid out of your estate in accordance with their “preference” under the New Civil Code.

Wills are important if the person who made the will (the testator) owns real estate with unpaid mortgages. For example, if you own a house and lot worth P5 million with P2 million left on the mortgage, savings accounts, stocks, bonds and a life insurance policy and you left the house and lot with an unpaid mortgage to your daughter with the balance of your estate going to your spouse, does this mean that your child will get the house with or without the mortgage? Your daughter will get the house and lot with the obligation to pay for the mortgage unless you specified in your will that the mortgage will be paid by your estate. Without this clear instruction for the executor to pay the mortgage from the proceeds of your estate, your child would have to pay for the balance of the mortgage. If your daughter fails to pay the mortgage, the bank (the mortgagee) will file a lawsuit to foreclose the property, rendering your child without any asset protection device to preserve the real estate interest you passed on to her.

Writing a will is an act of love. You must deal with practical matters including asset protection to preserve your estate for future generations. You must devise ways to insure that the people or groups you love will receive the assets you want them to get. A well-written will is an effective instrument of asset protection and estate planning but it will take effect only at the time of your demise. A majority of Filipinos do not have wills. They die intestate. Why? Belli and Wilkinson explained that even in the United States, 70 percent or more of American adults do not have wills. The main reason is psychological in nature: people are apprehensive about thinking of their own demise. Or they believe their death will be accelerated if they made a will. You must care for your heirs unless you wish to follow Picasso’s example.

The will should have clear provisions on how your debts will be paid. Outstanding debts will expose your estate to lawsuits that could deplete your entire nest egg. In making your will, you should include provisions that would answer the following inquiries:
1) Who will be the executor of your estate?;
2) Who will serve as guardians to your minor children?;
3) Should your spouse be given the freedom to transfer your property if he or she remarries?;
4) Who will get the remainder of your estate after the legitimes and specific bequests have been made?;
5) Should your estate pay off real estate and chattel mortgages before your properties are transferred to your heirs?;
6) Should debts owed to you be canceled?;
7) Should there be a priority list to determine which property should be sold first in case assets will be sold to pay for your liabilities?; and
How should estate and inheritance taxes be paid? Your responses to these questions will provide a smooth transition of your assets to your heirs and could perpetuate the asset protection devices you have formulated. The downside to a will is the necessity of a probate before it could be given effect. Probate is expensive, not private, and could tie up your assets because of the length of the pro-
ceedings.

The muggy weather, the breath-taking scenery and the presence of promiscuous bikini clad denizens may have little to do with the seductive involvement of tropical countries. Offshore is an international term meaning not only out of your country or jurisdiction, but also out the tax reach of your country of residence or citizenship. Going offshore simply means you are taking your money to a foreign jurisdiction. Offshore banking involves banking operations and activities in two or more countries. This section is perhaps the most complex facet of asset protection planning. The need for an expert is indispensable here. This method of asset protection inquires nerves of steel. It is neither for the control freaks nor the faint-hearted. Most top shelf lawyers, portfolio managers, certified public accountants, estate planners, and offshore consultants are familiar with the intricacies of going offshore. There is a prevalent myth that only money launderers and other criminals go offshore for clandestine purposes or to conceal properties. Many legitimate businessmen, professionals and other law abiding citizens open offshore accounts. Putting your money offshore may help discourage litigation and may facilitate settlement at a lesser price.

“The hardest thing to hide,” wrote Eric Hoffer, “is something that is not there.” We have reached the information age. Only those infused with the ability play in the global village will break the shackles of their economic constraints. Face it, the industrial age is gone. National borders are disappearing and people should have a global mind- set to expand the horizons of their mental faculties and financial resources. People are looking beyond their national borders to look for better opportunities. Going offshore is truly the stage when asset protection becomes a complex and abstruse concept. It is only after you have done your research and talked to reputable professionals that you will muster enough courage and knowledge to decide if going offshore will suit your financial needs. Most people go offshore for a variety of reasons. Their motives include the quest for privacy and confidentiality, concerns for financial security, fear of the future, rampant litigation, concerns with the government, apprehension concerning local banks, confiscatory taxes, the possibility of matrimonial dissolution, potential business failure, anticipation of debilitating illness, preparation for retirement, providing for the family after death, protecting a lump-sum disability award, providing for a disabled or spendthrift spouse or child (Cornez, supra). German and French businessmen are particularly concerned about the confiscatory tax policies in their homeland. High income taxes spurred the perception by the business community that some governments have predatory instincts. To retain a substantial part of their profits on each transaction, these businessmen avail of offshore companies (conduits).

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