《楊清泉律師專欄》HONESTY AND TRANSPARENCY OF FINANCES REQUIRED FOR BK DISCHARGE(Part II)
楊清泉律師事務所
《楊清泉律師專欄》HONESTY AND TRANSPARENCY OF FINANCES REQUIRED FOR BK DISCHARGE(Part I)
The court denied the debtor’s discharge. “The debtor omitted jewelry from his schedules, undervalued the jewelry (I mean, who has ever heard of a Rolex worth $100; a Seiko, Bulova or Timex, sure; but a Rolex for $100? No way Jose) and the Rolex he scheduled and sold his Rolex watch and jewelry post-petition with the intent to defraud his creditors. It is clear that jewelry was omitted and undervalued and that the nature of the Rolex watch was concealed by not revealing that it was a Rolex and by substantially undervaluing it. The fraudulent intent is inferred from the debtor’s actual knowledge. (I didn’t know it was a Rolex, I thought it was a Timex, because all watches look the same to me and all they do is tell you what time it is – debtor testified.) He had paid almost $120,000 for the jewelry and believed it was of significant value,” the court said.
“The bankruptcy bargain is straightforward. The debtor gets a discharge and a fresh start. In return, he must be honest, his financial condition and affairs must be transparent and he must surrender his non-exempt assets. In this case, the debtor did not live up to his part of the bargain. His schedules were false. His jewelry assets were unclear. He converted property of the estate for his own purposes. It does not matter why a debtor files false schedules or conceals assets; if he knowingly and fraudulently does so, it is the fact that he does so that is the offense…” the court said.
Once again, I stress the need for debtors to be honest and accurate in their bankruptcy petitions, schedules and statement of financial affairs. If you are a dishonest debtor, you may be denied discharge.
Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than four thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave Bldg A-1 Suite 1125 Unit 58 Alhambra, CA 91803.
The court denied the debtor’s discharge. “The debtor omitted jewelry from his schedules, undervalued the jewelry (I mean, who has ever heard of a Rolex worth $100; a Seiko, Bulova or Timex, sure; but a Rolex for $100? No way Jose) and the Rolex he scheduled and sold his Rolex watch and jewelry post-petition with the intent to defraud his creditors. It is clear that jewelry was omitted and undervalued and that the nature of the Rolex watch was concealed by not revealing that it was a Rolex and by substantially undervaluing it. The fraudulent intent is inferred from the debtor’s actual knowledge. (I didn’t know it was a Rolex, I thought it was a Timex, because all watches look the same to me and all they do is tell you what time it is – debtor testified.) He had paid almost $120,000 for the jewelry and believed it was of significant value,” the court said.
“The bankruptcy bargain is straightforward. The debtor gets a discharge and a fresh start. In return, he must be honest, his financial condition and affairs must be transparent and he must surrender his non-exempt assets. In this case, the debtor did not live up to his part of the bargain. His schedules were false. His jewelry assets were unclear. He converted property of the estate for his own purposes. It does not matter why a debtor files false schedules or conceals assets; if he knowingly and fraudulently does so, it is the fact that he does so that is the offense…” the court said.
Once again, I stress the need for debtors to be honest and accurate in their bankruptcy petitions, schedules and statement of financial affairs. If you are a dishonest debtor, you may be denied discharge.
Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than four thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave Bldg A-1 Suite 1125 Unit 58 Alhambra, CA 91803.
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