Bankruptcy fraud is defined as a white-collar crime. In most cases, it happens hand-in-hand with another crime which could be money laundering, mortgage fraud, identity theft, or public corruption. If you are facing charges of bankruptcy fraud, you need the legal advice of a bankruptcy fraud expert that will help you protect your interests and fight for your rights. Andrew S. Bisom is precisely the bankruptcy fraud attorney you need by your side at this time. Set up an initial consultation right away to talk about your case and understand your legal options.
Some Typical Forms of Bankruptcy Fraud
There are different ways in which a business can commit bankruptcy fraud. Among them:
- Someone who is in debt may go to any length to conceal an asset in order to avoid forfeiting it.
- Someone intentionally submits false, misleading, or incomplete forms when filing for bankruptcy (this may also constitute perjury).
- Someone files many times using false information. Or they may use real information but file in various jurisdictions.
- There is a court-appointed trustee, and an individual bribes them.
Legal Consequences of Bankruptcy Fraud
In bankruptcy fraud cases, it is common for federal prosecutors to bring criminal charges. To prove that bankruptcy fraud was committed, it is necessary to show that the defendant knowingly and fraudulently misrepresented one or more material facts. A bankruptcy fraud charge means a prison sentence of up to five years, a fine of up to $250,000, or both. Even just the intention to commit this type of fraud may be considered punishable by law.
Playing By the Rules When Filing for Bankruptcy
You know that filing for bankruptcy offers you the opportunity to start fresh. However, there are certain rules that you must follow in order for the bankruptcy filing to give you the results you hope for but also to avoid causing more problems for yourself and your business. Here are some suggestions:
- Although you may feel a particularly strong attachment to some of your possessions, when bankruptcy gets in the picture, you have no other option but to accept the fact that you may be unable to keep all your property.
- If you have been engaging in shady business dealings, filing for bankruptcy may end up causing you additional headaches.
- It is crucial to complete all bankruptcy forms thoroughly and truthfully.
- Be aware that there are consequences, both civil and criminal, for those who commit bankruptcy fraud.
Get Legal Help Now
If your business is in trouble and you are contemplating the idea of filing for bankruptcy, minimize your chances of complicating your situation even further and being charged with bankruptcy fraud. You can do that by not committing any violations to the U. S. Department of Justice’s Bankruptcy Trustee Manual. By working with bankruptcy attorney Andrew S. Bisom, you can understand the options that are available to you when your business is not going as well as you had hoped. Reach out to his legal office to schedule an initial consultation and start the bankruptcy filing you need.