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Bankruptcy fraud is a serious crime

Bankruptcy is a very serious legal matter, and while it can offer vital debt relief and financial assistance to those who need it, it can also cause serious harm to those who seek to abuse it. It is not uncommon for people to attempt to use bankruptcy in unintended ways in order to save themselves some money. Whether you are hiding assets in the hopes of discharging debts while keeping some money or purposefully causing credit holders to fail so that you don't have to pay up, know that the law could come after you.

A Missouri businessman recently pleaded guilty to bankruptcy fraud, admitting that he contributed to Southwest Community Bank's failure. The man was a director of the bank, as well as a principal shareholder, and yet the bank lost more than $1.5 million due to losses in the businessman's line of credit and a real estate fraud scheme in which the man was heavily involved. His sentence will include six-and-a-half years in federal prison, and he will have to pay back the more than $3 million that his fraud's cost.

Even though this happened in Missouri, residents in every state should take notice, including those in Texas. Bankruptcy fraud is no joke, and the risks are not worth it if you are trying to get away with something.

Bankruptcy is a legal form of debt relief for those who are struggling financially. It is not a cheap way for businessmen to avoid paying debts and thus make more money. If you are struggling with debt, consider meeting with a bankruptcy attorney to see how bankruptcy can help you get back on your feet. You could have a fresh financial start in just a few months.

Source: Ozarks First, "Local Businessman Pleads Guilty to Fraud Totaling $3 Million," April 3, 2015

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