Former tennis star Boris Becker’s 2.5-year jail sentence for failing to disclose all assets when he filed for bankruptcy illustrates the consequences business owners and individuals face when not being forthright. Writing for Phoenix Business Journal, Lamar Hawkins addressed the penalties filers can face whether the failure to disclose is inadvertent or intentional.
Although incarceration is the most severe consequence, hefty fines and loss of assets are also possible. Lamar shared common fraudulent non-disclosure issues, such as hiding property transfers, providing false documents or destroying documents, as well as ways companies can ensure every asset is reported.
Chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission, Lamar is one of the leading voices in Arizona for bankruptcy law. His practice focuses on all phases of debt workout and bankruptcy services, including Chapter 11 and Subchapter V 11 reorganization, Chapter 7 liquidation, financial workout negotiation and creditors’ rights. Lamar has been recognized in the Southwest Super Lawyers guide since 2012, as well as Best Lawyers in America©.