When Lexington Residents Face Bankruptcy Fraud Charges
If you file for bankruptcy, you are probably seeking relief from your debts. By definition, bankruptcy is the legal status of an individual (or also a business, in the US) who cannot repay their debts and seeks legal insolvency through a court ruling.
Modern bankruptcy proceedings attempt to not only alleviate debt, but to find the underlying causes and restructure spending practices of businesses or individuals to allow continuing solvency in the future. If you are an individual and you lie about or misrepresent your ability to remain solvent – even after financial education classes and a supervised rehabilitation period – you could find yourself facing bankruptcy fraud charges.
Bankruptcy Fraud in South Carolina is a Serious Federal Offense
Bankruptcy fraud is considered a serious white collar crime with the potential to spend time in a federal prison, or face a fine of $250,000 at least, or both. Common acts considered bankruptcy fraud include arrangements to redistribute property, fee fixing, false statements and declarations (which can also lead to wire fraud, mail fraud, or bank fraud charges), fraudulent claims, falsifying documents, and concealment of assets.
Although you may keep some assets, even during a chapter 7 bankruptcy, you cannot keep these by lying about their worth or concealing their existence. A bankruptcy and bankruptcy fraud charges defense attorney can help you navigate the process and avoid bankruptcy fraud charges.
I Did Not Properly Appraise My Assets and Now I Face Bankruptcy Charges
Although too many unscrupulous people intentionally conceal assets during their bankruptcy proceedings, you could make a simple mistake regarding the value of a piece of property and face bankruptcy fraud charges. The South Carolina bankruptcy and bankruptcy fraud charges defense attorneys at the Strom Law Firm understand the intricate details of the insolvency process and can help you navigate the system. We offer a free, confidential consultation regarding your situation, so contact us today.