The Best Policy
If you’re filing for bankruptcy in the Chicago area, you’ll need the assistance of an experienced Chicago bankruptcy lawyer. You’ll also need to be truthful or you could get in big trouble, as one couple recently discovered. A couple from Eldorado in southern Illinois pleaded guilty to bankruptcy fraud in federal court back in June and were sentenced early in October. Lucy McGill, 62, and Gary McGill, 69, were each sentenced to two years of probation, 20 hours of public service, and fines of $1,000 each.
The McGills faced multiple charges for making false statements in their bankruptcy case. Some of those statements were provided under oath. The McGills originally filed for Chapter 7 bankruptcy in 2009 in the U.S. Bankruptcy Court in Benton. Federal law requires those filing for bankruptcy to disclose all of their assets and also to disclose certain financial transactions that they conducted prior to filing bankruptcy. The purpose of these disclosures is to ensure that all available funds can be collected to pay creditors as much as possible on the amounts they’re owed. But in their guilty pleas, the McGills both admitted that they had lied on a Statement of Financial Affairs that they filed with the Bankruptcy Court. They falsely stated that $22,000 in two accounts in Lucy McGill’s name belonged to her sister. In fact, that $22,000 had recently been paid to Gary McGill to settle two lawsuits.
Don’t add criminal charges to your troubles. When you face overwhelming debts and have no way to pay them, bankruptcy may or may not be the right option for you. You’ll need to discuss your circumstances promptly with an experienced Chicago bankruptcy lawyer who can either help you through the bankruptcy process or recommend a better alternative. But whether you choose bankruptcy or another option, always be entirely honest with your lawyer, with the court, and with any other parties who may be involved. If you aren’t, your financial troubles could quickly become legal troubles that you really don’t want or need. Let an experienced Chicago bankruptcy lawyer handle every aspect of your bankruptcy. If your debts are mounting now, don’t wait to make the call.
