In February, Jim Hoffman pleaded guilty in Minneapolis to federal charges of defrauding over $5 million from mortgage lenders. A few weeks later, he filed a Chapter 7 bankruptcy petition seeking to liquidate personal debts of between $50,000 and $100,000. It is Hoffman’s third personal bankruptcy filing since 1986.
According to an article by Dan Browning on www.startribune.com, Hoffman stated in his bankruptcy petition that he has not been employed during the preceding 60 days. However, federal investigators alleged that he had raised approximately $400,000 for a business development in Muscatine, Iowa. The FBI contended that Hoffman spent most of that money on personal expenses, including a $6,500-a-month rental home.
Hoffman pleaded guilty to one count of money laundering and one count of tax evasion in an agreement that excludes his 24-year-old son from criminal charges related to the Muscatine deal. Hoffman’s wife pleaded guilty to a single count of tax evasion as part of the agreement.
In January, the Star Tribune reported about complaints and fraud allegations against Hoffman over the past thirty years, although none resulted in criminal charges until he was indicted last October.
Hoffman’s bankruptcy filing, which remains incomplete, does not address the nearly $2 million in Minnesota court judgments levied against the Hoffmans since 2006.
Hopefully, your situation is not as serious as the Hoffmans, but you should not take your overwhelming debt lightly. Filing for Chapter 7 or Chapter 13 personal bankruptcy is a complicated legal matter. You need a knowledgeable and experienced bankruptcy attorney from Macey Bankruptcy Law advising you every step of the way. Log onto our new interactive website,www.maceybankruptcylaw.com or call us toll-free at 800-260-1402 for your free initial consultation. We answer our phones Monday-Saturday and evenings so you can get answers when you need them. Don’t wait, call us today.