How Hiding Assets Could Cost You
If you are filing for bankruptcy, then it is imperative that you be honest about your financial situation. This includes being honest about the assets that you have. If you do not list all of your assets on your petition’s schedule of assets, then you are hiding assets. There are several consequences of this.
Your Debts Will not be Discharged
You will still owe your debts if you hide your assets. Even if you attempt to file for bankruptcy in the future, you may still owe your debts.
Your Discharge Will be Revoked
If you are caught hiding assets, then you may get your case revoked. This can be done at any time. It does not matter whether you have just filed for bankruptcy, or the case is getting ready to be closed. In fact, the discharge can be revoked up to one year after you file for bankruptcy.
Hiding your assets is a form of perjury. When you file for bankruptcy, you have to swear that all of the information that you put on the form is correct. You could face up to five years in prison if you are charged with perjury. You may also be required to pay a $500,000 crime.
Ways People Hide Assets
- Lying about the assets that you own.
- Transferring your assets to someone else’s names.
- Creating fake mortgages or liens.
It is a good idea to get in touch with bankruptcy lawyers in Brooklyn NY if you are interested in filing for bankruptcy. Your attorney will tell you what to expect when filing bankruptcy. Your attorney will also make sure that you disclose all of your information so that you will be able to complete the process as soon as possible. Your attorney will also answer any questions that you have.