Robert J. Yonkee Jr., 54, was charged in a federal court with bankruptcy fraud. He allegedly provided false information about his assets and concealed property in his Chapter 7 bankruptcy filing. Mr. Yonkee is facing severe penalties, including 5 years in prison, fines up to $250,000 and up to 3 years of supervised release and 5 years of probation. Hiding assets Yonkee apparently had an ownership interest in an auto racing business that he failed to disclose to the bankruptcy court. The business sold vehicle parts and held inventory, capital and other valuable assets that were not made known to the creditors or trustee. False statements When a debtor files his bankruptcy schedules and Statement of Financial Affairs, it is done under penalty of perjury. Thus, Yonkee is accused of providing false financial statements in his filings. Additionally, he made false statements in his testimony at his meeting of creditors. Only time will tell if Yonkee is guilty of these charges, but his case is a reminder of how vital it is for Chapter 7 and Chapter 13 debtors to be open and honest in their bankruptcy filings. Bankruptcy fraud carries severe penalties. If you are considering filing for bankruptcy protection, contact the skilled lawyers at Levitt & Slafkes. We can help you understand lawful ways of protecting your assets and whether bankruptcy is in your best interests. We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation with an attorney at Levitt & Slafkes, P.C..
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