August 3rd, 2010 by Reed Allmand 
Dennis Hecker, the former auto tycoon, is still in bankruptcy and seemingly trying his best to make enemies with his bankruptcy trustee. Hecker, who has been embroiled in bankruptcy and a criminal case since 2009 has already been accused of bankruptcy fraud; but as if that was not enough, he has allegedly once again attempted to hide and divert assets from the bankruptcy estate. The asset in question this time is a $30,000 insurance refund that Hecker allegedly deposited into his bank account and tried to use before the bank caught wind of it and shut down his account. Bankruptcy Trustee Randy Seaver has demanded that the money be returned to the estate and has filed a request to subpoena the bank’s records so that he can find out if Hecker has any other assets hidden. Hecker’s bankruptcy attorney has turned over the money to the bankruptcy estate and insists that she acted immediately upon finding out about the insurance refund; but the fact that the money was received and deposited into Hecker’s bank account a month ago does not sit well with the bankruptcy trustee. As has been mentioned, the bankruptcy trustee has already accused Hecker of hiding assets and lying to the bankruptcy court. Hecker chose not to fight the bankruptcy trustee’s allegations and has agreed to repay any debts that remain after his assets are liquidated in bankruptcy. But if Hecker continues to attempt to defraud the bankruptcy court or give the appearance of defrauding the bankruptcy court his case could be severely damaged if not dismissed. Debtors need to be aware that hiding assets from the bankruptcy court is a serious crime and is very difficult if not impossible to pull off successfully. In other words, you will most likely get caught and be punished for attempting to defraud the bankruptcy court. Hecker has already lost his chance of a discharge, but committing bankruptcy fraud can also mean the loss of you personal freedom as it can carry a prison term. Simply don’t do it because it is not worth what you stand to lose.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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