Bankruptcy Fraud in Florida

Anyone who files for a personal bankruptcy in Florida needs to do so properly and according to state and federal laws. Bankruptcy is a legal process which gives protection to debtors who cannot repay their creditors. This protection is obtained by a court order. As part of the process, debtors must disclose all of their assets and property. This is done so that once their petition is filed, it can be determined by the court and creditors whether or not the asset has any value which can be used to pay off creditors. Thus, failure to disclose an asset can be considered a fraudulent act and is a federal crime. The concealment of assets is one of the most common types of bankruptcy fraud punishable by a fine of up to $250,000 and/or up to five years in prison.

Concealment of assets can occur when a debtor fails to include the asset during the declaration phase of the bankruptcy process. It can also occur when debtors transfer assets to family members or friends prior to bankruptcy or by transferring assets into offshore accounts. Should it be found out after a bankruptcy case has closed that the debtor has hidden assets in any of these ways, the case can be reopened by a creditor or the trustee. The asset can then be seized and liquidated on behalf of creditors. It would also be decided at that time at the discretion of the bankruptcy court whether or not to prosecute the debtor for bankruptcy fraud or for perjury. Other types of bankruptcy fraud exist as well, such as filing under an assumed name or multiple filings with incomplete or falsified information in more than one state.

Miami Bankruptcy Attorney

Ensuring that your bankruptcy petition and contributing documentation is accurate and submitted according to law is best done by seeking the services of a proven bankruptcy attorney in your state. Each state has its own unique laws in regards to bankruptcy. For instance, Florida has its own exemption system which must be followed by bankruptcy petitioners as opposed to using the federal exemption system. This and other bankruptcy matters, questions, and concerns can be addressed and handled with competence by The Botros Law Firm, serving clients in and around the Miami area.

If you are facing insurmountable debt, you can explore all of your legal options by consulting with an attorney at the firm. All cases are personally handled from start to finish by an attorney who will evaluate your case and give you the guidance and information you need. Flexible rates and billing structures are available to ensure that you receive big firm service in combination with the personalized atmosphere of a smaller law office. Lead attorney Botros has been recognized as a Rising Star by Super Lawyers in four different years; this is a prestigious honor afforded only 2.5 percent of all Florida lawyers. Contact the firm to get started with your debt relief options today.