Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

FBI Arrests 8 in Miami accused of hiding assets before filing bankruptcy

Eight people were arrested this week and charged with concealing more than $3 million in assets from federal bankruptcy court in Miami.  The five cases allege that eight individuals hid or illegally transferred assets out of their name before filing for Chapter 7 bankruptcy.

The neighbors of one of the couples could not believe a small army of FBI agents arrived at their Miami high rise condo building early Tuesday morning, and escorted them out in handcuffs.

One of the accused couples liquidated a certificate of deposit worth approximately $141,829 in 2010, then filed a joint petition for Chapter 7 bankruptcy in 2011, according to the allegations in the indictment. Another one of the indictments allege a Pinecrest man transferred and concealed a Jeep Wrangler, a 34-foot boat, The Isabella, approximately $41,200 in cash and his interest and roles in companies he owned.  The fraudulent transfer of these assets was valued at more than $160,000.

A Boca Raton woman is accused of liquidating approximately $102,445 from her IRA account and transferring the money into a family member’s account.  A Miami couple is accused of concealing assets they held in a divorce settlement.  Among the assets concealed: Properties in North Carolina, valued at $336,300; $36,000 in cash to purchase a Jaguar valued at approximately $80,000; and $100,257 in cash from the sale of a condo in the Bahamas.

This should come as a warning to anyone who plans to hide assets from the bankruptcy court. Bankruptcy trustees are experts at finding undisclosed cash, property, vehicles, boats, jewelry, antiques, and collectibles. If you are caught trying to hide assets, the consequences are big. Your discharge will be denied, and you will be unable to discharge the debts you listed in a subsequent bankruptcy filing. In addition, the potential penalty for bankruptcy crimes includes fines and imprisonment of up to five years.

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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.