Bankruptcy overstated income can I go to jail???

Asked about 1 year ago - Brockton, MA

Looking at the type of things a credit card co can claim, I am worried they might say I overstated my income.

I know at the time I probably used accounts receivable in part to justify what I expected my revenue and income
to be in the year I applied but I have lost the paperwork. I was disorganized and have no idea in part
who owes me money. Can I go to jail if I cant prove how I justified my stated income?

Please help me!

Attorney answers (4)

  1. Herbert Weinberg


    Contributor Level 12


    Lawyers agree

    Answered . We do not have enough information to answer your question. Details are key. If you overstated your income on a one page form by $10 to get a $100 credit card that the balance built up slowly over two years, you have nothing to worry about. On the other hand, if you overstated your income on a multi page form signed under oath by $100,00 to get $200,000 credit card that you used in two days, then there may be a problem.

    The fact that you have checked off fraud and income tax says to me you have a complicated case. Law is an art and the way to handle the situation depends on the style of the attorney. I have dealt with situations like yours and have been able to help people.

  2. Ray Choudhry

    Contributor Level 14


    Lawyers agree

    Answered . If you do, you'll probably be the first one anyone ever heard of.

  3. Gary D. Bollinger

    Contributor Level 19


    Lawyers agree

    Answered . In actions by Creditors to exclude a debt from exemption in bankruptcy, several things matter, including,
    1. the total amount of the debt
    2. How long ago the debt was created, &
    3. whether--& how many-- payments were made after the debt was incurred.

  4. Michael Glynn Busby Jr.


    Contributor Level 19


    Lawyer agrees

    Answered . You need to call your attorney up and go see that attorney with this questions. If you committed fraud then this is a bankruptcy crimes, normally you have to have a mens rea or intent to get into trouble.

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