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Latest news on Immigration Law
Chrysler sale raises tough legal questions
So a betting person would still expect a lifting of Justice Ginsburg's temporary stay to be the most likely outcome, especially since the bankruptcy judge ... Read More
Suspended NFL star Vick back in bankruptcy court
Vick is under home confinement for the last two months of his sentence for bankrolling a dogfighting ring. He's scheduled to be released from federal ...
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Time runs out on a Chrysler dealer
A US bankruptcy judge had approved Chrysler LLC's request to put 789 of its dealers immediately out of business - 11 in the Philadelphia ... Read More
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Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions. Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act, but may work against the filer. All assets must be disclosed in bankruptcy schedules whether or not the debtor believes the asset has a net value. This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor to decide whether a particular asset has value.
The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. A closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if a debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud and/or perjury would then be at the discretion of the judge and/or U.S. Trustee.
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