The offenses of a bankrupt person are pretty simple.
1. Do what the Trustee tells you to do.
2. Do not fraudulently dispose of your assets prior to or during your bankruptcy
3. Do not refuse, or neglecy to answer any questions to your honest and truthful intent - this is called perjury and is a big deal.
4. Do not Make a false entry or knowlingly omit something on a statement.
5. Conceals, destroys falsifies or omits a document
6. Obtains credit or property by false representation:
- the actus reus requires 4 elements for this one.
1. Person must be bankrupt
2. the must obtain the credit
3. The person or another to his or her knowledge makes a flase representation,
4. The false represenetation is made after or within one year preceeding the date of the initial bankruptcy event.
7. Fraudently conceals or removes property
- the statndard here is assets of $50 or more. The prosecution must prove all of teh elements beyond a reasonable doubt.
- failure to disclose is not the same
Example is if there is a large deficinecy of inventory at teh date of bankruptcy and no explanation as to wehre it went.
8. If you hypothecate, pawn pledge or dispose of property that you got on credit.
- there must be an intent to defraud here.
So what are the consequences of the above actions.
1. Your discharge will be refused, suspended, or granted conditionally.
2. The court may refuse your propoeal.
3. You could be fined up to 10,000 or imprisoned for a term of 2 - 5 years.
If you have completed all of your duties, and nobody objects to your discharge, then you are free from all of your debt.
For a complete financial assessment contact one of our experts, and find out how to declare bankruptcy in person with a free no obligation assessment. We want to hear about your situation.
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