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August 24, 2010

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Bankruptcy News

Federal Court Permanently Bars Las Vegas Man From Promoting “Asset Protection” Scheme

Business Allegedly Helped Customers Evade Taxes

WASHINGTON - A federal judge in St. Louis has permanently barred William S. Reed, the founder of a so-called “asset protection” business, from preparing fraudulent liens for customers and helping customers conceal their funds by having shell corporations own their bank accounts, the Justice Department announced today.

According to the government’s complaint, Reed operated the now-defunct Asset Protection Group Inc. (APGI), which helped customers place sham liens on their property to deceive creditors, including the Internal Revenue Service (IRS). Reed and APGI also allegedly helped customers hide their income and assets by holding their money in bank accounts in the names of shell corporations..

The complaint provides examples of six sham liens totaling more than $2 million that Reed and APGI allegedly filed for customers who owed nearly $900,000 in federal taxes. According to the complaint, the IRS has discovered at least 75 APGI customers that have used nominee bank accounts to evade collection of federal taxes. A copy of the complaint is available at http://www.usdoj.gov/tax/txdv07636.htm.

Since 2001 the Justice Department has obtained injunctions against more than 280 tax preparers and tax-fraud promoters. Information on those cases is available at http://www.usdoj.gov/tax/taxpress2007.htm. More information about the Justice Department’s Tax Division can be found at www.usdoj.gov/tax.

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Did You Know?

Chapter 13 bankruptcy law is frequently referred to as a “wage earner” chapter
Although it is available to individuals with regular income from any source, not just wages. Once the court confirms the plan, it is the responsibility of the debtor to make the plan succeed. The debtor must make regular payments to the trustee, which will require adjustment to living on a fixed budget for a prolonged period.

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Bankruptcy Terms

Today's Terms

Chapter Thirteen

Definition:
Bankruptcy proceedings for an individual with the intention of rescheduling the individual's debt (rather than liquidating the individual's assets and debt; an individual files under Chapter 7 to liquidate);

Debtor-in-possession

Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.

Chapter Thirty Three

Definition:
An unofficial term describing a company that has filed for Chapter 11 three times.

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Arizona Bankruptcy Attorney

If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

Apache Junction
Avondale
Buckeye
Bullhead City
Casa Grande
Cave Creek
Chandler
Chino Valley
Cottonwood
Douglas
Flagstaff
Florence
Fountain Hills
Gilbert
Glendale
Green Valley
Kingman
Lake Havasu City

Mesa
Nogales
Paradise Valley
Payson
Peoria
Phoenix
Prescott Valley
Safford
Scottsdale
Sierra Vista
Somerton
Sun City
Sun City West
Surprise
Tempe
Tucson
Yuma

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