The Allmand Law Firm, PLLC Difference

Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Thinking about Hiding Information in Bankruptcy? Think Again!

Posted By Allmand Law Firm, PLLC || 25-Sep-2013

shh

Every year there seems to be more cases of people concealing details about their assets in bankruptcy. Too many people are under the impression they will lose what they have to creditors when they file, and feel the need to hide it in order to protect it. Such actions are considered unlawful and you can face serious criminal charges. Need more encouragement and understanding of why it is important to be honest when disclosing details about your finances?

Consider the following points:

  • Concealing information, hiding assets, or not being honest when completing paperwork is considered bankruptcy fraud. There are people currently in prison for failing to provide complete information about their income, property, and debt obligations. Some who tried to hide their assets ended up losing them because they were not honest in the beginning.

  • Learn what happens when someone gets caught. As previously mentioned, you can face prison time of up to 5 years for each count of fraud if convicted. Fines and penalties could be as much as $250,000 or more. Your case could get dismissed and you may be liable for repaying all of your debt you tried to get discharged.

  • When you fill out paper work during bankruptcy, you are signed under penalty of perjury. Basically, you are swearing to the court all information you provide is true. Fraud charges may come about if the court determines you gave false statements intentionally.

  • You can avoid bankruptcy fraud by learning options from an experienced Dallas bankruptcy lawyer. There are various exemptions available to help legally protect your assets and property. Be sure to fully disclose information about your creditors, income and even assets you anticipate on receiving in the near future (inheritance, settlement from a judgment, insurance payout, etc.).

Reference: http://www.nolo.com/legal-encyclopedia/filing-bankruptcy-disclose-everything-hide-30272.html

Categories: Bankruptcy
Blog Home