NFL Star Rick Sanford initially filed for Chapter 7 bankruptcy in February 2009 in South Carolina. Sanford did not list all his assets, however. He failed to disclose his interest in a Colorado condo, which later sold, netting him $70,000.00. When the trustee in Sanford’s case challenged his listing of assets, Sanford withdrew his bankruptcy petition. He was subsequently charged with fraud and plead guilty. The court sentenced him to 2 years probation, 30 days home confinement, and 100 hours of community service.
When filing for bankruptcy, it is very important to be honest and list all of your assets. Oftentimes, your Jacksonville Bankruptcy Attorney can exempt your assets so you can keep them away from creditors.