Bankruptcy fraud is serious business. Last year, a businessman was ordered to spend over a year in prison because of a bankruptcy fraud conviction. According to news reports, the man had filed for Chapter 7 bankruptcy a few years before. In the bankruptcy petition, the businessman told the court he had listed all his assets. What he failed to say, was that he and his wife had bought an expensive home just a few weeks before filing for bankruptcy. This is considered bankruptcy fraud in Littleton, Greenwood Village, and Centennial. If you are considering filing for bankruptcy, it is wise to consult an experienced bankruptcy attorney: There are many complex issues involved in the bankruptcy code, and it’s not hard to get it wrong. Let me explain what I mean.
Unreported Asset Transfers = Bankruptcy Fraud
Like the businessman example above, if you have an asset you don’t disclose to the bankruptcy trustee, you could face bankruptcy fraud charges. Here are examples of a few undisclosed assets:
- Recently Purchased Property
- Transfers of Money or Property to Relatives
- Undisclosed Income
Bankruptcy is a complex process. No one expects you to understand every aspect of the bankruptcy code. But, the bankruptcy court does expect you to file a bankruptcy petition free from errors. This is almost impossible, due to the complexities of the bankruptcy code and court process.
Why You Need an Experienced Aurora Bankruptcy Attorney
The United States Bankruptcy Court advises people to work with an attorney on their bankruptcy petition. According to them:
“Bankruptcy has long-term financial and legal consequences – hiring a competent attorney is strongly recommended.”
By working with an experienced bankruptcy attorney in Aurora and the Denver Tech Center, you will ensure that your bankruptcy petition is free from errors. Barry Arrington has been one of the best bankruptcy lawyers for over 20 years, and knows the bankruptcy code extremely well. Contact him for a free consultation today, and avoid accidentally committing bankruptcy fraud.
If you are concerned about bankruptcy fraud and want to get a fresh financial start in Highlands Ranch, Lone Tree, or Englewood, call now to request your free consultation meeting with Barry Arrington, a Christian bankruptcy attorney at 303-205-7870 or submit the “Get Help Now” form to begin your journey toward financial freedom.
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