Texas has one of the most generous homestead bankruptcy exemptions in the country. For Texans filing bankruptcy, the Texas bankruptcy law allows debtors to claim an unlimited value under Texas' homestead bankruptcy exemption. For example, if your primary residence is worth $750,000 you would be allowed to claim the entire amount under your homestead bankruptcy [...]
There seems to be a never ending stream of these types of cases, a debtor in a Chapter 7 Bankruptcy case (Hendricks, Susan D.; In re) hides a life insurance windfall and may face sanctions and contempt of court. The details of the bankruptcy case: The Chapter 7 debtor's schedules indicated that she owned minimal [...]
The punishment for failing to fully disclose financial information during bankruptcy is up to 5 years in jail and a fine of up to $250,000. You must fully disclose your full financial picture during bankruptcy, which means completing the financials on the petition and schedules as accurately as possible. One of the most common "mistakes" [...]
According to an article in the Star-Telegram, former Edmonton Oilers owner Peter Pocklington was arrested on Wednesday for allegedly concealing assets during bankruptcy proceedings. The article said: The 67-year-old Pocklington is accused in an indictment of making false statements in bankruptcy and making false oaths and accounts in bankruptcy. If convicted, he could face up [...]
Discharging Debts From Scams in Bankruptcy In the case of Guillet, Glen G. and Cheryle A.; In re ( Neary, U.S. Trustee, v. Guillet) ,(Bankr. E.D. Tex. 2008) a bankruptcy court overruled a bankruptcy trustee who denied a Chapter 7 discharge to a debtor who incurred debts because of a Nigerian scam. The debtor sank [...]