From large companies to private individuals, debtors file for bankruptcy when they no longer have enough financial means to repay their creditors. With the bankruptcy law, federal trustees may now use the debtors’ declared assets or properties to reduce or eliminate their debts over a period of time. In the U.S., filing for bankruptcy have five forms with Chapter 7 and Chapter 13 having the most petitions.
The prospect of being able to keep their various assets tempt debtors to commit fraud in their declarations, which could, upon discovery, lead to criminal charges. This is why creditors and reputable law firms often seek the services of private investigators from established companies like Phenix Investigations Inc. to conduct efficient asset investigations so as to uncover hidden assets. Sought-after investigators from these firms have years of experience in helping their clients achieve complete and accurate information.