Bankruptcy Fraud Warning Signs

Bankruptcy Fraud Warning Signs

1. Concealment of assets
2. Serial bankruptcy cases
3. Failure to keep usual business records
4. Incomplete or missing books and records
5. Conduct well outside ordinary business or industry standards and practice
6. Unusual depletion of assets shortly before the bankruptcy filing
7. Recent departure of debtor's officers, directors or general partners
8. Unanswered questions or incomplete information on debtor’s schedules and statement of financial affairs
9. Frequent amendments to schedules, statements of financial affairs and monthly operating reports
10. Inconsistencies among recent financial statements, tax returns and debtor's schedules and statements of financial affairs
11. Absence of knowledgeable officers to testify at the Section 345 meeting
12. Inability to contact principals of debtor at debtor’s stated location
13. Frequent dealings in cash rather than recorded transactions
14. Sudden depletion of inventory post-petition without plausible explanation
15. Inflated salaries, payments of bonuses or cash withdrawals by officers, directors, shareholders or other insiders
16. Transfer of property to insiders, shareholders and relatives shortly before bankruptcy
17. Payoff of loans to directors, officers, shareholders, relatives or other insiders shortly before filing.
18. Transactions with non-debtor subsidiaries, parent companies or affiliated corporations owned by the same or related persons or entity
19. A history of prior litigation or post-petition litigation involving breech of contracts, fraud misrepresentations, etc
20. Complicated corporate structures and relationships.
21. Creditor confusion concerning corporate structure.
22. Fire, theft or loss prior to or after filing.
23. Failure to pay withholding and sales tax.
24. Startup of a similar business near the time of bankruptcy filing.

Sacramento Bankruptcy Lawyers

Conlon & Fong, Attorneys at Law, is a Bankruptcy Law Practice. We are committed to helping people protect their assets while discharging their debts in Bankruptcy. We will determine if Bankruptcy is a viable option for you, and if so, provide proficient, accurate, and protective representation. Sacramento Bankruptcy Attorney Mr. Conlon and Sacramento bankruptcy Lawyer Mr. Fong have represented thousands of people in Bankruptcy cases, and have a combined 26 years of legal experience. We have the experience that is necessary to properly evaluate, prepare, and file your case.

We are members of the California State Bar, the Sacramento Valley Bankruptcy Forum, and the American Bankruptcy Institute.

If you are having financial hardship and are considering filling for bankruptcy, contact us by calling (916) 971-8880 for a FREE confidential bankruptcy consultation.

Or you may click here to fill out our FREE Confidential Bankruptcy Case Consultation form.

"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."

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Conlon & Fong
6825 Fair Oaks, Blvd., Suite 101
Carmichael, CA 95608
TEL: (916) 971-8880
FAX: (916) 481-3975
http://www.bankruptcyattorneysacramento.com/