04 Feb Bankruptcy Crimes: Will we see more of this in the future?
Recently, U.S. District Judge Richard Cebull, sentenced a Billings, Montana woman to the maximum sentence allowable for crimes including bankruptcy crimes against her mother. The woman, named Nancy Short, admitted the wrongdoing and asked for forgiveness; however, the Judge was not persuaded. He even went over and above the recommendations made by the Assistant United States Attorney and the Defense Attorney.
It appear that Ms. Short borrowed her mother’s finances and gave property away to her boyfriend before she filed bankruptcy.
The Question is: Are we going to see more of this in the future? I predict that we will. I really don’t want to sound cynical, but, on this issue the handwriting is on the wall. We all know that the credit card companies hand out new credit cards to anyone with a heartbeat, and I don’t think a heartbeat is a pre-requisite any longer.
Also, we have an aging population of baby boomers that will increasingly look to family members to take care of them, both emotionally and financially. The time commitment of taking care of an elderly relative is exhorbitant and the cost of a private nursing home are through the roof. Many people in today’s society are not equipped to make that type of commitment either emotionally or financially.
I believe that people in a desperate financial situation will take advantage of their elderly relatives by either using their savings frivolously and/or illegally or by abusing an already existing financial history or creating a new financial history for the elderly person. I don’t think that the credit card companies are going to stop and investigate the credit card applications coming in.
I’ve witnessed this type of abuse in many different forms already. Of course, it’s unfortunate, but in desperate times, people will do some incredibly stupid things. Please don’t be one of them. Continue reading this bolg and our others at www.mortgagelawnetwork.com www.debtlawnetwork.com www.creditlawnetwork.com
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