Last October, I wrote a post on this blog about bankruptcy fraud, and pointed out that everything included in a bankruptcy filing is subject to scrutiny by the office of the United States Trustee, which is an arm of the United States Department of Justice. In other words, false statements on a bankruptcy petition could land a debtor in hot water – dismissal of the bankruptcy case, fines and even prison.
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Because the bankruptcy system operates efficiently and quickly and it serves hundreds of people every day, I sense that many bankruptcy debtors forget that everything they submit to the bankruptcy court is done so under penalty of perjury. I recently ran across an article from a Texas newspaper about a Chapter 7 debtor who ended up in federal prison, convicted of bankruptcy fraud, because he failed to disclose an $84,000 insurance payment, proceeds from the sale of a vehicle and several bank accounts. This particular debtor used Chapter 7 to discharge over $1 million in liabilities.
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Should you pay back your parents, siblings, friends or other relatives before filing bankruptcy? I get this question frequently as many of the potential clients I see have borrowed money from private sources in an effort to avoid bankruptcy.
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The United States Supreme Court does not frequently hear cases involving consumer bankruptcy law. However, this past February, the Supreme Court considered the case of Robert Marrama, a Chapter 7 debtor in Massachusetts.
More on "No Conversion from 7 to 13" U.S. Supreme Court Tells Debtor Who Hid Assets
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Whenever I teach a continuing legal education bankruptcy seminar, I always get questions about fraudulent transfers. Bankruptcy Code Section 544 as well as the Official Code of Georgia make transfers by an insolvent debtor to another person for less than market value a fraudulent transfer.
More on Property Give-aways Prior to Bankruptcy – a Dangerous Decision
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One of the less well known components of the BAPCA bankruptcy law changes has to do with exemptions. Exemptions, as you may know, refer to those assets that are sheltered from seizure by the trustee. You can read more about the Georgia exemptions on my Georgia bankruptcy law web site.
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My colleague attorney Scott Riddle recently posted on his Georgia Bankruptcy Blog an important reminder to both debtors and their counsel about the importance of full and complete disclosure of assets and debts in bankruptcy petitions.
I see a possible trap for the unwary in one of the October 17, 2005 changes to the Bankruptcy Code. I do not have a firm answer to this and I welcome any suggestions or thoughts.
More on What is the difference between a preference and a fraudulent transfer?
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