Why commit bankruptcy fraud? Well, why not is the real question.
The are numerous problems with the U.S. economy, but beyond the obvious is the problem inherent at banking and credit companies who take advantage of others for monetary gain. Financial responsibility is one thing, but creditors taking advantage of consumers is a major problem, where even the government is beginning to act against creditors looking to charge consumers as much as possible in terms of fees.
Of course, credit and banking policies are not the only reason everyone commits bankruptcy fraud. Bankruptcy fraud is often about protecting high value assets and money, sometimes out of simple greed, and sometimes to protect your family. It’s understandable you don’t want to give up all your money and assets when you file.
The problem many have is considering that they will in fact lose money in bankruptcy. There are many key advantages to filing, especially the fact that you often lose little to nothing.
There are many who try to protect money and assets they should not have. People in various income situations – from the poor to the rich – are committing fraud.
It’s not always money either. Many are hiding valuable assets and property to avoid losing them. This is understandable, but bankruptcy fraud is a major crime. If you hide any assets from a Chapter 7 bankruptcy trustee, it will only work against you.
Hiding assets is against the law. Instead, consult with some financial experts and a bankruptcy lawyer. Because bankruptcy fraud is increasing as our economy goes through a tough time, it’s being looked for more. Ask any lawyer and they’ll explain how bad a decision hiding anything, even minor possessions, can affect you.
You might better consider your bankruptcy options. If you have money coming in, Chapter 13 bankruptcy can protect your money, property, and assets more effectively. Yes, you are paying on debts via a debt repayment plan, but if you follow the plan and pay back what you owe, you lose nothing.
Is bankruptcy right for you? It depends on your financial situation. If you are to the point where you have money but not enough, bankruptcy may be your best option. If you have no money and a lot of unsecured debt, Chapter 7 bankruptcy is smart. If you make enough to pay back on your debts, Chapter 13 bankruptcy can protect your assets.
Filing bankruptcy is not an easy decision, so don’t make it alone. Consult with an experienced bankruptcy lawyer before you make any decisions.