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jaden3292002 · Joined: 30 Jun 2008 Posts: 12 7.52 Dollars($)

What is an assignment for the benefit of creditors? Is that as bad as bankruptcy?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jaden.

Welcome back.

Assignment for the benefit of creditors is a common law tool which is an alternative of bankruptcy. This is to save time and expenses of the insolvent company but this will not be shown on your credit report. All assets of the insolvent company can be sold quickly and the sale proceeds can be distributed among the creditor.

Hope this helps you to understand. Feel free to ask if you have any further questions.

Best of luck,
Larry

kervinkurtz · Joined: 16 Jul 2008 Posts: 2 1.61 Dollars($)

Well….I think if you wait for some more time… you can get a lot better suggestions that this…I am out of any ideas for this!!!!

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Assignment for the benefit of creditors?