Do you need a Columbia SC Bankruptcy Fraud lawyer?
Bankruptcy fraud carries a sentence of a fine of up to $250,000 and/or five years in federal prison. Bankruptcy fraud charges can occur when:
- An individual conceals their assets by purposely failing to list every asset knowing that a creditor cannot liquidate their property in bankruptcy.
- An individual is involved in a petition mill, in which someone poses as a financial advisor and files hastily prepared bankruptcy in the victim’s, often times unbeknownst to the victim.
- An individual files bankruptcy in multiple states using their real name and information, false names and information, or a combination of the two. They then list some of their assets, but not all, so liquidators will not seize all their assets.
SC Bankruptcy Fraud Lawyers Overview
SC Bankruptcy fraud lawyers define Bankruptcy as the legal status of a person who is considered insolvent, meaning they cannot repay the debts they owe to their creditors. There are several different types of bankruptcy and depend based on the person filing and their debts. Organizations may also file for bankruptcy.
The most common type of bankruptcy fraud for is Chapter 7 bankruptcy fraud.
Chapter 7 bankruptcy states that an individual may petition the court to discharge, or rid them, of the debt. The individual then must subject their property to a bankruptcy trustee or can sell it and redistribute the proceeds to creditors. The debtor has the right to withhold certain properties and essentially make them off limits to creditors as specified by Law.
The second most common type of bankruptcy fraud is Chapter 13 bankruptcy.
With Chapter 13 the court approves a repayment plan for an individual to repay creditors out of their future income. This is done over a three to five year period and does not require the individual to discharge surrender any property.
South Carolina White Collar Crime Lawyer
Whether you are indicted in State or Federal Court, a South Carolina Bankruptcy Fraud Lawyer, at the Strom Law Firm, LLC is well equipped to defend personal and business interests. As a result, your case will be handled with utmost discretion and every viable strategy will be explored to secure the most favorable disposition. Contact a Columbia SC Bankruptcy fraud lawyer at the Strom Law Firm, LLC for a free case evaluation. 803.252.4800.