Full Video Transcript
Every year in the United States, there are roughly one and a half million bankruptcy filings. People file bankruptcy for various reasons, but mostly because they are financially unable to satisfy their debt obligations. Bankruptcy fraud can take many forms, but often occurs when the person who files for bankruptcy attempts to hide assets from creditors. The IRS takes this very seriously and will investigate cases they believe may contain fraud. If a person is found to have committed fraud during their bankruptcy filing, they are usually ordered to pay a fine and may spend time in federal prison. There have been cases where individuals have attempted to flee to other countries under the false belief that U.S. officials won't track them down and bring them back to prison. However, nearly every fugitive is eventually caught. Whenever you deal with the IRS, it's always a good idea to be honest about your assets. The IRS has enormous resources and can investigate cases with overwhelming force. If you're considering bankruptcy, it's important to speak with an experienced bankruptcy attorney to find out your best legal strategy.
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