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Disclosure failure has woman facing bankruptcy fraud charges

For those in the San Francisco Bay area that are struggling with debt, bankruptcy protection can be an enormous benefit. It offers the chance for one to plot a course back to establishing themselves on firm financial ground by halting the collection activities that may be keeping them from doing so. In the case of a Chapter 13 bankruptcy, one is even provided with the opportunity to repay creditors over time, thus fulfilling their financial obligations. Yet the advantages offered by a personal bankruptcy must be earned to careful adherence to federal regulations. A violation of said regulations can often bring with it serious penalties. 

An Illinois woman is currently being forced to learn this lesson the hard way. She recently pled guilty to multiple counts of bankruptcy fraud stemming from a 2014 Chapter 13 filing. She reportedly received a workers' compensation settlement in excess of $12,000 shortly before filing for bankruptcy, yet then concealed those funds when disclosing her assets as part of her case. She further compounded her troubles by providing false testimony to creditors regarding what she did with the reward. The charges against her could result in her serving multiple years in prison and having to pay hundreds of thousands of dollars in fines. 

Those who are unfamiliar with federal bankruptcy code could reasonably find themselves unintentionally making disclosure errors during their proceedings. Given the potential penalties that can arise from such errors, every resource must be consulted to ensure that all aspects of one's case are compliant with the law. One such resources may be a bankruptcy attorney, and those going through this process may want to seek the advice and assistance of such a professional at every turn. 

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