Types Of Bankruptcy

What Bankruptcy Chapter Should You Pursue? Free Information And Review

Filing For Bankruptcy? Remember To Disclose All Income!

Posted by admin on December 31st, 2009

That would be a problem, but it’s even worse because during that time Willie and his wife were in Chapter 13 bankruptcy. Under the rules of the bankruptcy court system, you’ve got to disclose all of your income from all sources. Period.

Now Willie has struck a plea deal which calls for a maximum of five years in prison plus payment of restitution of $39,939 – the amount he received from the state after switching to Chapter 7 bankruptcy.

Willie’s wife has entered a “not guilty” plea and is apparently fighting the charges.

Oh, in case you’re wondering – after he gets out of jail WIllie will likely still be in debt.

If he’d disclosed the income and worked through the bankruptcy system honestly the chances are very good that he wouldn’t be going to jail for bankruptcy fraud.

Word to the wise.

The original article can be found here.