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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Man accused of withholding $1.5 million in assets during bankruptcy

When it comes to debt relief, it is something many residents in South Carolina and across the United States are constantly working toward. With the tough economy and lack of jobs putting pressure on residents, filing for bankruptcy can often lead to a fresh start and put an end to harassing calls from collection agencies. The process of filing for bankruptcy can sometimes be a complicated one and may require a strong knowledge and understanding of the law in order to advance through the process. It also takes a lot of honest assessment of all assets and debts in order to choose the best option. Unfortunately, sometimes filers intentionally or unintentionally do not disclose vital information during the proceedings which can get them in trouble with authorities.

In a recent case outside of our state, a man is facing two bankruptcy fraud charges after he allegedly neglected to disclose $1.5 million in assets. This apparently happened when he filed for bankruptcy in November 2008. The 39-year-old apparently had made $250,000 in sales on eBay, as well as having four bank accounts with totaling balances of more than $650,000 that he did not disclose. He also allegedly omitted owning thousands of dollars in furniture and a $10,000 truck.

If convicted, the bankruptcy fraud charge carries a fine of $250,000 and a maximum potential penalty of five years. Authorities say the man lived in New Jersey when the incident apparently happened and then moved to Florida. He was scheduled to head to court at the end of last month.

Source: TomsRiverPatch, "Man Accused of Hiding $250,000 in eBay Income," Catherine Galioto, Feb. 28, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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