Identity Theft and Bankruptcy

Many people do not realize the extent to which identity theft can alter one's life. In most cases of identity theft, the criminal's sole purpose is to profit by assuming another person's name and social security number. After the criminal has capitalized, the victim's finances may be devastated and left in ruins.

If you were one of the estimated 700,000 victims of identity theft last year, and you are now in trouble financially, you may want to consult an experienced bankruptcy attorney who can help you determine your legal options.

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Links between Bankruptcy and Identity Theft

When a person assumes another's identity, it is typically for financial gain. According to the U.S. Trustee Program, identity theft and bankruptcy intersect in the following ways:

* A thief may file for bankruptcy under another person's name and social security number to obtain an automatic stay. Generally, they will drop the case, however, and leave a permanent stain on the victim's record.

* After assuming another's identity, the thief may incur substantial debts

* A person can transfer property and/or assets to another person's name without their knowledge or consent, so as to avoid liquidation.

* Using a deceased person's identity to accrue debts and file for bankruptcy

* Transferring property to the name of a person whose bankruptcy case is pending

How a Lawyer Can Help

If you have been the victim of identity theft, and you finances are spiraling out of control, you may need the assistance of an experienced bankruptcy attorney. Understanding legal jargon and organizing the paperwork that is required of you may be too much to bear on top of your other obligations. Do not let red-tape get the best of you; speak with an attorney about your case so that you can get back on two feet.

For more information about how to file for bankruptcy, or for legal assistance with bankruptcy-related matters, speak to an experienced attorney for legal assitance.

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