Overstated Income ....Criminal charges ?

[BKHELP138]

I over stated my income on a few credit apps. I have paid on these cards for years. i just got over my head and my company went under. I never gave anyone a financial,w2,tax returns etc but I'm worried about fraud. I looked at my old D&B file they have my estimated sales to be 10000% larger then they should. I head D&B is a joke anyway plus I guaranteed the CC's with my personal social security. So again my question is what are the chances if any at all someone would file criminal charges. My biggest credit card debt is 75k.. I owe around 450k some of which I carried for 10 years. I floated for years and it just caught up. Never once was I asked for any proof of income. My full intention was to pay it all off but the market crashed,closed my company and lost my job.... along with my vision which I had to have a transplant... thanks in advance

[keepmine]

Nobody will file criminal charges on accounts that have been opened for years.

[BKHELP138]

Thanks

Just curious what would the time frame usually be for criminal charges and has there ever been someone charged ? SOme of the debt is 1-2 yrs old but most of it is 10 yrs or 5 yrs old ..... I have paid down on my of the credit cards but some i recently maxed to save my house ...........its been over a year since i last used any of them I have heard of people over stating income and making up fake D&B files..... One more thing what if the made the decision on a D&B file I heard you can make up files .....Hey thanks again

[AngelinaCatHub]

BKH: You are over reacting. You think you are not the first???? Quit it, you have stress enough. Credit cards are unsecured anyway. Perhaps, and I could look it up for you but do it yourself, Google 'statute of limitations' and by state you can find yours.

However my friend, you will not be persecuted or prosecuted. You had a good track record, you have reason to bk or you would not be here, it would not matter if you said you made a billion bucks. The fact remains, you got not money. Join the club. The Feds or any other place do not want you. Rob a bank or that stuff is different. You committed no real crime.

NOW: For the record, honesty is the best policy. You were not completely "upright" many years ago. What is bothering you now? The fact that your conscience is attacking your soul. You see, my friend, God deals in different ways. Now that you know, just forget it, and let it go. It is done and you have learned. That was God's lessen in this.

Take care and I wish you good fortune. Relax it will be fine. 'Hub

[JackBondLove]

As I understand it, judges typically view stated income declarations as not worth the paper they are printed on. With that said, forging a document to prove income is felony. And as a responder stated, if you were good for a few years, you've got no problems. I'm wondering you felt you could stretch your receivables by a factor of 100 - and make payments for so long!

But in any case, look on the bright side - even if you were convicted for lying (highly doubtful), you would be doing time at a Club Fed minimum security prison. It's not like you're Bernie Madoff or other crooks like the WorldCom or Enron executives.

[BKHELP138]

Thanks he works in all ways

Im just bummed that I failed. Thanks for the advice and next time no stated income only hard cold tax returns for me the stress is not worth it .... Thanks again you guys are great

[JackBondLove]

Im just bummed that I failed. Thanks for the advice and next time no stated income only hard cold tax returns for me the stress is not worth it .... Thanks again you guys are great

You didn't fail. Your country failed you as it does not care about allowing the little guy to make it.

[keptdigging]

Not a guru, but from what I've read and seen it is very unlikely. For one thing, the only likely to care are the people you owe and they're only interested in money. And statements you made years ago, that they didn't bother to verify, don't even give them a good case for non-dischargeability of the charges "due to fraud" (other things might though.)

But I'd definitely consult with some bankruptcy attorneys.

And my best wishes for your health.

[Flamingo]

Since it appears your overstated income is also business related, I suggest you speak with a good BK business attorney and lay it on the line. It's not like you only have $75,000 in debt, you have almost half a million and it doesn't take counsel for some other business long to dig back into records.

[BrokeIn2010]

As I understand it, judges typically view stated income declarations as not worth the paper they are printed on. With that said, forging a document to prove income is felony. And as a responder stated, if you were good for a few years, you've got no problems. I'm wondering you felt you could stretch your receivables by a factor of 100 - and make payments for so long!

But in any case, look on the bright side - even if you were convicted for lying (highly doubtful), you would be doing time at a Club Fed minimum security prison. It's not like you're Bernie Madoff or other crooks like the WorldCom or Enron executives.

How can they be? Ours typically said stuff like "Up to XYZ annually; XYZ to ABC annually; ABC to EFG annually..." Well you get the point, it was ranges not hard and fast numbers. Never asked for any sort of proof of income, never any ongoing interrogatories about income, so long as the payments where in on time, they couldn't give a shit.

[BKHELP138]

Hoping for the best

I guess I can only hope for the best. The business Debt is very small and secured by my social. IM not to worried about that. I over stated by income but not business income. I had a legit company and paid taxes etc on it. I just ran into tuff times. I was making 250k a year and figure I would cash out my stocks to pay the debt.. As you can see from the market my stocks are worthless. Thanks for all the advise I will keep you all posted.

Ps. Most of the debt went to 3rd party collections only a few lenders have sued.

[AJA]

In the early eighty's, before my first BK, my ex took me back to court for additional support. In a hearing before the judge and a room full of lawyers her attorney had me swear into evidence all my pay stubs and income. She then produced a loan app that I had submitted showing inflated income and I was on the spot. On the stand and under oath, it took a minute, but I replied. Your honor, I don't honestly think there is anyone in this room who at one time or another, hasn't overstated their income to obtain a cc or loan. She took a minute and dismissed the request for an increase. Afterwards my attorney said and I quote `That was some fancy footwork`. Everyone overstates, even the Judge.

[BKHELP138]

Great post ! I know it was not the right thing to do and I have learned from this so very much. I hope my post shows that something you don't think about at the moment can really effect you at a later time. My advise is be honest and you don't have to worry like myself....

[Flamingo]

Note that the key here to most of this is income that was fudged in the past...in today's world, creditors now check everything, including stated income. In the age of the internet and instant access to almost any information, it's best to be honest cause anything about you is easily found out for free or with a small fee.