Mandeep Singh and Jaspreet Kaur Files Bankruptcy. Required Financials Filed.
After defrauding multiple local community members, husband and wife Mandeep Singh and Jaspreet Kaur filed Chapter 7 bankruptcy, seeking protection from over 50 creditors.
Often called the ‘liquidation chapter,’ Chapter 7 is used by individuals, partnerships, or corporations who have no hope for repairing their financial situation, according to the US Bankruptcy Court. In Chapter 7, the debtor’s estate is liquidated under the rules of the Bankruptcy Code. Liquidation is the process through which the debtor’s non-exempt property is sold for cash by a trustee and the cash is distributed to creditors.
Fair Fee Legal Services is representing the couple in bankruptcy court. However, the couple has received a notice of incomplete and/or deficient filing as much of their financial information is missing, including but not limited to their assets and liabilities, individual debtors’ schedules, and joint income and expenses. As required under the law, the couple has completed the credit counseling. As per the bankruptcy filing, Singh and Kaur have over 50 creditors, including multiple financial institutions in Las Vegas and across the United States.
Last year, Mandeep Singh pleaded guilty to the felony crime of securities fraud, while his wife, Jaspreet Kaur, pleaded guilty to conspiracy to commit theft. Singh was given a suspended sentence with multiple probation terms, including Singh to maintain full-time employment and being permitted to travel out of state solely for employment purposes.
As required, Singh and Kaur have filed the missing financial information at the initial bankruptcy filing. The new information sheds light on the duo’s job and financial situation.
Recently, Jaspreet Kaur took a job at Brighton as a Sales Associate at The District, Green Valley Ranch, with a monthly paycheck of $1,496. At the same time, Mandeep Singh earns an average monthly net income of $5,150 from event ticket commission. Their joint monthly expenses are $6,591. However, for 2022 and 2021, Singh and Kaur declared a total income of over $1.28 million and $1.18 million, respectively.
Their financials filing shows total assets of $141,321, which includes a 2017 Mercedes Benz S550 valued at $32,293, while their total liabilities are $714,602, including a $41,544 secured loan on 2017 Mercedes Benz; multiple loans to financial firms around the country; and debt owed to Dr. Sidhu. Additionally, the couple owes the IRS over $136,000 in back taxes for the calendar year 2016 through 2021.
Multiple lawsuits are pending in the local and out-of-town courts, including the Supreme Court, District Court, Municipal Court, and Justice Court against Singh and Kaur.
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