Los Angeles Bankruptcy Fraud Attorney
What are bankruptcy and bankruptcy fraud?
Bankruptcy is an option for someone who is unable to repay their debts in full, or any of them at all. Filing for bankruptcy allows a person's debts to be cancelled so that they can start fresh from scratch; however, they must first undergo an investigation process and prove that they are incapable of repaying their debts. Every year, over one million bankruptcy filings are made in the United States, but some of these filings are made by individuals who have provided false information in order to be considered eligible for bankruptcy, or who have "concealed assets" from the investigation to make it appear as if they do not have the assets to repay their debts. This is known as bankruptcy fraud and is a federal crime with serious penalties.