Submitted by Anonymous on Tue, 06/15/2010 - 08:41
Posted in
Just wondering (hypothetically, of course) if someone could actually go to jail for failing to disclose assets or is it more likely that a person would be fined? It seems like it would have to be a pretty big deal with lots of assets for a person to go to jail. Thanks
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Editor's Response
Yes, I certainly hope this is a hypothetical question. Clearly the facts and circumstances around the failure to disclose are relevant to this type of case. But YES, you can go to jail (or your hypothetical friend could go to jail). And even if you don't go to jail, your petition could be dismissed, leaving you in a world of trouble with the creditors circling. You are not the first person to consider this option, and bankruptcy trustees have the training and, in many cases, the experience to sniff out non-disclosed assets. Rather than playing games, I recommend you talk to a qualified Massachusetts bankruptcy attorney, someone who can devise an effective strategy for you to deal with your debts and get your life back on track. Good luck.
Lying on a bankruptcy
Lying on a bankruptcy petition is serious business. Your discharge could and likely will be denied. Your hidden assets, now un-exempt assets will be collected and sold, and that is the good news. You could face two years in jail and/or a fine up to $500,000. There is no reason to lie and risk these penalties. Debt is bad enough, fines and jail times are worse. The good news is that there are ways to prevent ANY and ALL assets from being liquated in bankruptcy. And in my experience the thing that you are thinking about hiding is likely exempt anyway.
Attorney Robert Kovacs