Many individuals considering bankruptcy are concerned about the negative impacts it might have, and may fear losing their home, possessions or retirement account. Some people even considering hiding or giving away items to family so they can reclaim them after their case is over.
There are two big reasons to avoid this type of thinking. First, most filers have such little property of value that they are able to keep all of it out of the hands of creditors. Second, attempting to hide your assets is a clear example of bankruptcy fraud, a federal offense that could bring jail time.
Committing bankruptcy fraud is a serious offense. Sometimes the bankruptcy court doesn't differentiate between whether you accidentally committed fraud because you weren't aware of bankruptcy laws or whether you maliciously committed the fraud.
How to Prevent Bankruptcy Fraud - The best way to prevent accidental fraud is to know the bankruptcy law; but, of course, we're not all bankruptcy lawyers. Your local bankruptcy attorney can take care of the legalities for you.
The Importance of Disclosing All of Your Assets - Find out some of the consequences to committing bankruptcy fraud.
Bankruptcy law is intricate. If you're considering filing bankruptcy, a local bankruptcy lawyer can take care of the legal issues and help ensure that your bankruptcy case goes as smoothly as possible.
We can easily connect you with a local bankruptcy lawyer — all you have to do is fill out the free form on this page or call us at 877-349-1309.