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Creditor v. Debtor

May 2005

Sedgwick preserved our client's $2 million claim against a debtor who liquidated his assets and used them to purchase a home in Florida. The debtor took other steps to meet Florida residency requirements so as to benefit from the state's homestead exemption.  Through swift, coordinated action, Sedgwick obtained an order freezing any further transfer of assets and filed an involuntary bankruptcy petition against the debtor, by which the debtor became subject to all applicable bankruptcy laws, which prevented the debtors from asserting Florida residency.