This time of year, costumes, masks, and spooky makeup line the shelves of Mankato, Minnesota area department stores, beckoning folks to come along and alter their appearances. Putting on a costume or disguise can be exciting, especially for partygoers and trick-or-treaters on this one night each year. But what about the other 364 days?
Telling the truth, rather than hiding behind a costume or mask, is vitally important to a bankruptcy filing. As an example, let’s take a look at Abby Lee Miller from the popular television show Dance Moms, who came under investigation this week for fraud.
Although you may have heard about this infamous bankruptcy case over the past few days, let’s take a deeper look at Miller’s case to examine the benefits of a truthful bankruptcy filing:
- The Disguise: Miller filed for bankruptcy with over $300,000 in debt. At the time, she was also making money from the television show Dance Moms, but failed to disclose this income to the judge.
- The Reveal: A few years later, the judge on this case happened to be channel surfing when he came across Miller’s television show. He took another look at her case and quickly realized that she had been making significant income during the time of her bankruptcy filing.
- The Truth: Over the past few years, Miller concealed more than $700,000 in income, all made from her television show.
- The Consequences: Miller may spend five years in prison and receive a fine of approximately $250,000 for each count of fraud she pleads guilty to.
- The Lesson: Always, always, always be honest with your bankruptcy filing. Although it may seem tempting to disguise income and hide the truth, the consequences far outweigh the short-term benefits!
Folks in the Mankato, Minnesota area, it’s always best to save the disguises, masks, and costumes for Halloween. When it comes to your bankruptcy filing, opt for honesty instead. The professionals at Behm Law Group Ltd. can help, and that’s the truth. Contact them today.
