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Ex-CEO faces consequences of errors in bankruptcy filing

Bankruptcy is a great way to get debt relief in the wake of crushing debt. Unforeseen financial circumstances such as loss of job or inability to gain wages due to injury can turn your finances upside down and send your monetary control spinning out. In the wake of such difficult times, a personal bankruptcy filing can help you manage your debt and get a fresh financial start. While a bankruptcy filing is an effective tool for debt relief, it must be taken very seriously and is not to be taken advantage of.

The former CEO of Anglo Irish Bank Corp. learned this lesson recently when he made a personal bankruptcy filing with excessive errors. The businessman filed for bankruptcy to gain protection from creditors in Boston, but he had previously transferred more than $1 million to a bank account in his wife’s name. He went on to admit that, despite claiming he hadn’t loaned money to any family members, he had loaned $6,000 to his brother, and failed to tell the bankruptcy court about two-real estate properties that he had transferred before the filing.

While Texas residents may not have assets as large or vast as an Ex-CEO, there are important lessons that everyone can learn from this case. The most important lesson is to keep very good track of finances and not to omit anything when discussing bankruptcy proceedings with a bankruptcy trustee. Not only will it eventually complicate the whole process, it could end up costing you money if the assets are discovered, and you could even be denied protection if you falsify information.

Bankruptcy filings are not cheap excuses for people to get out of paying debts that they simply don’t want to pay. Bankruptcy is for helping those who have fallen on hard times and are having trouble making ends meet. As a Waco bankruptcy attorney may explain, it can protect people from creditor harassment and foreclosure, but it is not a get-out-of-debt-free card.

Source: Bloomberg, “Anglo Irish Ex-CEO Concedes Errors in Bankruptcy Papers,” Erik Larson and Janelle Lawrence, May 22, 2014

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