I'm thinking about filing bankruptcy but my situation is so bad that I'm worried about not be able to recover even after the debts are discharged. I don't want to go into details but I have one asset that I could hide pretty easily and not disclose and then sell it later after the bankruptcy. I know you can't tell me if I should do this but what are the chances that I will get caught?
Search Existing Questions
Login to Post Questions
Tell Us What You Think
The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com
Disclaimer
The answers and information provided on this site are for informational purposes only and are NOT substitutes for professional legal advice. Before making legal decisions, you should discuss your specific circumstances with an attorney.
Bankruptcy fraud
I've just consulted my crystal ball and the answer is . . . . Come on. You can read this post about fraud and hiding assets in bankruptcy, but the bottom line is (as you already know) that lying on your bankruptcy petition is a horrible idea. Bankruptcy trustees have seen it all, and they are very good and sniffing out fraud. You can assume that whatever it is you are thinking about doing, it's been done before.
The irony of this situation is that sometimes people risk jail and fines to hide assets that they could have sheltered using exemptions that are allowed under federal and Massachusetts law. A much better idea is to discuss your situation with an experienced bankruptcy attorney and talk to her about strategies for dealing with your debt while holding on to your remaining assets. Good luck