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The Downside of Hiding Your Assets

The Downside of Hiding Your Assets

Are you considering your options for filing for bankruptcy? This is important to note: Whether you are filing individually, with your spouse, or are a business owner, you have the obligation of disclosing all of your assets when filing your petition. It is a common misconception that hiding your assets means that they will not be considered part of your bankruptcy; however, this can land you in very hot water and even make you criminally culpable for the crime of perjury.

Here are some common examples of ways filers keep their assets hidden:

  • Lying about ownership or possession of an asset
  • Transferring the asset to another person or entity
  • Creating fake liens or mortgages to undermine the value of their property
  • Giving no thought or carelessness when disclosing the asset
  • The filer genuinely forgot to disclose that asset or was unaware of its existence

Make no mistake that when a bankruptcy case is evaluated, the trustee team rarely, if ever, overlooks anything. Hidden assets do not stay hidden for very long, as there is always a paper trail to show a tax return, bank accounts, and other funds to determine whether or not your funds have been hidden or transferred somewhere else.

When a Filer Is Caught

First, if a bankruptcy petitioner is found hiding assets, they may face numerous criminal penalties, which could include jail time, thousands of dollars in fines, and other consequences that come along with a conviction for a crime. Not only will this cost them more in the long run, but it could also jeopardize one’s bankruptcy case. In other words, the person may not be able to have their bankruptcy matter discharged.

Find Legal Counsel Today!

Khoshnood Law Firm, P.C. is a team of experienced Atlanta bankruptcy attorneys who believe in the unwavering pursuit of a client’s goals. Whether or not you are deciding on bankruptcy for your case, we are here to help you. We have helped thousands before achieve their bankruptcy goals, and we do it with professionalism, support, and compassion.

Discuss your case with us during a free case consultation.