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.
Penalties for Bankruptcy Fraud
The definition of bankruptcy fraud and its prescribed punishment is found in 18 USC. § 157. This law states than anyone who fraudulently files a petition under title 11 (bankruptcy law), files a document in a proceeding under title 11, or makes a fraudulent representation, claim or promise relating to title 11 before or after filing for bankruptcy, shall be fined up to $250,000, imprisoned not more than 5 years, or both such fine and imprisonment. If you are facing charges of bankruptcy fraud, your life could be turned upside down if you are convicted. Defend yourself today by retaining an experienced Los Angeles bankruptcy fraud lawyer from Lessem, Newstat & Tooson, LLP.
Find the Right Bankruptcy Fraud Lawyer in Los Angeles
If you need experience on your side to fight federal charges, we have what it takes to fight for you. We have received the highest possible ratings from several trusted rating services, such as a perfect 10/10 "Superb" rating from Avvo® and an AV® Preeminent™ rating from Martindale-Hubbell®. Find out how our excellent service and experienced representation could benefit you by calling today for an initial consultation.