Bankruptcy fraud is a federal offense that is classified as a felony. A bankruptcy conviction can result in a sentence of up to five years in federal prison and a fine up to $250,000.
According to the IRS, 61% of bankruptcy fraud cases in 2016 fiscal year resulted in incarceration. Detecting bankruptcy fraud is an area of focus for the IRS in partnership with the federal government as the offense is viewed as a threat to the public’s confidence in our business and tax system.
What Qualifies as Bankruptcy Fraud?
Concealing assets, intentionally filing false forms, and filing for bankruptcy multiple times (in attempt interfere with the court’s ability to liquify your assets) are all common forms of bankruptcy fraud. Any form of bribery or falsification in transactions with trustees or debtors during bankruptcy proceedings can also lead to fraudulent charges.
As there are several different forms of fraud and related white collar crime, accounts and businesses are closely monitored for any suspicious behavior. If you have engaged in a professional activity that raised a red flag, you may find yourself under investigation for criminal activity.
Having charges brought against you does not mean you are guilty–a bankruptcy fraud attorney can help you sort through what activity has been deemed criminal and if accusations have legal grounds.
Steps to Take when Charged with Fraud
If you are contacted by law enforcement officials alleging bankruptcy fraud, do not make any oral statements or sign any written statements without first consulting with a qualified attorney. Even if you have not yet been officially charged with a crime, you could be under investigation and should be aware of your legal options and have an attorney ready to represent you if charges come forward. Otherwise, you may make a mistake that could hurt your ability to prove innocence later on in court. If you suspect that you or a loved one may be under investigation for bankruptcy fraud, call Fort Worth bankruptcy fraud attorney Justin Sparks.
Need A Bankruptcy Lawyer? Call Justin.
A bankruptcy fraud offense is very serious and should be addressed as soon as charges are brought forward. If you have been charged with bankruptcy fraud, call Fort Worth lawyer Justin Sparks. He has served the citizens of Dallas/Fort Worth for over nine years, and has advised numerous bankruptcy fraud defendants. Call 817-334-0300
Justin Sparks has been defending clients across Fort Worth and Dallas for over ten years. Our firm helps you through the criminal process, from investigation to appeals, if need be. Free consultations for all new cases.