Tag Archives: #BankruptcyDosAndDonts

Why Hiding Assets in Bankruptcy is a Bad Idea

When you file for bankruptcy, you must list everything that you own and all of your debts. Some filers attempt to hide their assets from their bankruptcy trustee, either by lying, transferring assets into someone else’s name or creating fake liens or mortgages to devalue their property. Carelessness in filling out schedules and not disclosing asset transfers from within a year of filing can also be considered hiding assets. Some others might forget to list certain assets. Lawsuits, lottery winnings, trusts, retirement benefits, inheritances and co-owned assets are some examples of common assets that people forget to list. The Consequences of Hiding Assets Trustees have a very keen eye for hidden assets. They could discover hidden assets through a debt review, public record searches, online asset searches, payroll slips with deposits into unlisted accounts, bank records or tax returns. If you are caught, there are several consequences. Hidden assets cannot…
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