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Texas man faces serious financial penalties in bankruptcy case

Bankruptcy can be an extremely frightening process, especially if you go into proceedings without any real knowledge of what you can expect and how the bankruptcy might affect your future. However, if you ever find yourself involved in bankruptcy proceedings in any capacity, it is in your best interests to comply with the courts every step of the way. Failure to comply can lead to serious legal penalties, including fines and perhaps worse.

Back in March, a Missouri man filed for bankruptcy with more than $11 million in debts due to a number of unfortunate circumstances and business dealings. As part of the bankruptcy proceedings, courts asked a Texas contractor to produce documents regarding ownership of a building that used to be a distribution center for Coca-Cola. According to court documents, the Texas man is a partner of the Missouri man, and the acquisition of these documents is crucial to the bankruptcy proceedings. As a result, even though the Texas man is not the one filing for bankruptcy, his compliance with the case was still necessary.

However, for reasons unknown, the Texas contractor has seemingly made no effort to turn over the documents. Near the end of August, a Houston judge imposed a financial penalty on the contractor, fining the man $100 for every day that passed without the documents being turned over. As of last week, those fines have since increased to $300 per day, and it's possible that the man may be taken into custody.

Just because you are not filing for bankruptcy does not mean that you may not be required to participate in bankruptcy proceedings. Failure to perform the actions or duties asked of you can lead to serious legal consequences, which is why it is important to enlist the aid of an attorney when going through bankruptcy proceedings. An attorney can help you gather all necessary information and documentation, including informing others of any parts they may have to play in the bankruptcy proceedings. The result is often a smoother, more efficient bankruptcy process for all parties involved.

Source: The Joplin Globe, "Texas contractor faces stiffer penalty in David Wallace bankruptcy case," Wally Kennedy, Nov. 17, 2015

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