San Jose Bankruptcy Attorney comments on the arrest of Peter Pocklington on charges of bankruptcy fraud
San Jose Bankruptcy Attorney comments on the arrest of Peter Pocklington on charges of bankruptcy fraud
Peter Pocklington, former owner of the NHL’s Edmonton Oilers, and (in)famously known to Canadian hockey fans as the man who traded Wayne Gretzky, has been arrested on charges of bankruptcy fraud related to his 2008 California personal bankruptcy filing. In that filing Pocklington listed debts of $19.6 million and assets of $2,900.
Bankruptcy fraud occurs when you attempt to hide assets from the court to avoid having them be part of the bankruptcy proceedings. When you are preparing to file for bankruptcy, you should be as thorough as possible in listing all of your assets as well as your liabilities. Your bankruptcy attorney can help you conduct a systematic review of all of your assets including homes, property, cars, investments and savings that can prevent an indictment for misstating your assets. In this case, Pocklington is facing up to 10 years in prison if convicted on all of the charges.
Another result of bankruptcy fraud is that the court can void your bankruptcy decree and allow your creditors to resume collection actions against you. Concealment of assets is the most common method of bankruptcy fraud. Typically a person will transfer assets to friends or relatives to avoid bankruptcy liquidations. Some choose not to list valuables because creditors cannot liquidate assets in a Chapter 7 or Chapter 13 bankruptcy filing if they are not aware of the assets. Either type is punishable by a fine of up to $250,000 and up to five years in prison for each count.
Peter Pocklington arrested in California for bankruptcy fraud charges, Vancouver Sun, March 11, 2009
Contempt motion on hold in Pocklington bankruptcy, Reuters.com, April 7, 2009
If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visit www.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, a stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
