Monthly Archives: November 2021

What Happens If You Hide Assets During Bankruptcy?

Hiding assets during bankruptcy is an easy way to end up behind bars. Anyone considering hiding assets should look up a recent example of Joe and Teresa Guidice, who received prison sentences for concealing assets and engaging in fraud before and during their bankruptcy filing.  The reality of the matter is that bankruptcy is a means of ridding yourself of debt legally and legitimately. How Do People Hide Assets? One common method is the hiding of assets by giving or selling them to friends or family. This is illegal. Courts and lawyers are aware of this practice as it seems like it may be a clever way to bypass the law, because you will no longer be in possession of the assets you’ve given away. However, this willful giving away of assets to friends or family to avoid potentially losing assets to a creditor is considered a fraudulent transactions requiring…
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