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What Could Possibly Go Wrong in a Bankruptcy Case? Well, Ask Gerald Schuerer about his Jail Sentence for Bankruptcy Fraud!

By Joseph McDaniel, Esq.

Can you sell stuff prior to bankruptcy and spend the proceeds prior to filing your bankruptcy?

Well, sure, if you have some guidance from an experienced bankruptcy attorney, and you list the transactions in the schedules, sell for fair market value, and actually receive proceeds for the dough, and if the sale is a real sale.

And you'll want to keep track of that dough, as well as keeping track of where you're spending all your other money as we get closer to filing for you, because inquiring Trustees want to know!

Now, some people think they can outsmart the system.

And maybe somebody gets away with it.

But some people become bankruptcy poster children, and that makes me sad.

Full post as published by Arizona Bankruptcy Attorney Blog on February 16, 2011 (boomark / email).