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Bankruptcy fraud can mean prison time

There is no doubt that bankruptcy can be a complex and frightening process. Providing relief from thousands, tens-of-thousands or even hundreds-of-thousands in debt is not a legal action that is taken lightly, nor should it be. If you are suffering from serious debt and you are seeking bankruptcy protection in order to assist you with your financial footing, you should know that the courts and your creditors will be monitoring your circumstances closely to ensure that you are not taking advantage of the system.

Back in 2011, a Louisiana man filed for Chapter 7 bankruptcy. According to recent reports, the man sold a vehicle and some catering equipment, which he failed to mention to the bankruptcy trustee. He also failed to disclose the information on his bankruptcy petition. Years later, this failure to report was discovered; the man was convicted of concealing his assets, and he is facing a 10-month prison sentence.

While there are some people who actively deceive the courts in an effort to come out ahead in a bankruptcy filing, we know that it is also possible that those who are filing for bankruptcy simply forget. After all, bankruptcy requires individuals to take serious stock of all of their assets and diligently record financial interactions, and it is easy for some things to slip through the cracks. That is where the assistance of an attorney can be crucial.

Even though the above-mentioned case happened in Louisiana, Texas residents can easily forget to disclose key information during bankruptcy proceedings. Enlisting the aid of an attorney will not only help you have a better understanding of what to expect in a bankruptcy case, but it can also provide additional help in ensuring that all your ducks remain in a row, so to speak. This will not only help your bankruptcy filing go smoothly, but also help you avoid legal penalties such as prison time.

Source: KSLA, "Bossier City man gets 10 months for bankruptcy fraud," Aug. 09, 2015

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