Criminal Charges for Fraudulent Couple Who Filed Bankruptcy

Hiding assets in bankruptcy court will cause for your bankruptcy to be discharged and you will face criminal charges.

Although bankruptcy is an uncomfortable process to go through, has given many people a fresh at finances. One of the key points in being given financial freedom is that you must be completely honest during the bankruptcy process. One couple in Palm Beach is now facing criminal charges for trying to conceal valuable goods from bankruptcy court. In 2008 the couple tried to snuff out $2.9 million in a Chapter 7 case but only claimed $13,000 in assets.

However, when the courts did their investigation a two carat gold wedding ring, platinum hoop earrings with diamonds, a silver bangle, a Swiss army watch, and high-end silverware set among other things were not divulged in their documents. Once the court found out of their fraudulent activity their bankruptcy was discharged and they were charged with a fine of $250,000 and up to five years in prison.

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