Do I have to reveal all assets in a bankruptcy? 31 Answers as of June 20, 2011

Do I have to reveal all assets in a bankruptcy?

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The Northwest Debt Relief Law Firm
The Northwest Debt Relief Law Firm | Thomas A McAvity
Yes.
Answer Applies to: Oregon
Replied: 6/20/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
Absolutely! Full disclosure is required in order to get the protection bankruptcy offers. Failure to disclose could cause your bankruptcy to be dismissed and/or bring about Federal criminal charges. The trustees have ways of knowing what you have, as well.
Answer Applies to: Virginia
Replied: 6/17/2011
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Yes. Failure to list all of your assets is a felony. It can lead to very unpleasant things happening to you, starting with denial of your discharge (your debts won't be wiped out) and leading up to 5 years in jail and a large fine. The vast majority of people who file bankruptcy keep all of their assets due to available exemptions, laws that let you keep your property even if you have judgments against you and even if you file bankruptcy. If you have assets that are not exempt, maybe you should not file bankruptcy. My best advice: call me for a free consultation before you file bankruptcy. Don't get yourself into serious trouble by filing bankruptcy while trying to hide your assets.
Answer Applies to: California
Replied: 6/17/2011
Daniel Hoarfrost, Attorney at Law
Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
Yes, and you are required to sign your paperwork under penalty of perjury.
Answer Applies to: Oregon
Replied: 6/17/2011
Saedi Law Group
Saedi Law Group | Lorena Saedi
Yes. The law requires that you disclose all debts and assets.
Answer Applies to: Georgia
Replied: 6/17/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    Yes. All your assets and debts must be disclosed when you file for bankruptcy. What most people don't know is that very few people who file for bankruptcy ever lose any assets. Also you cannot transfer assets and then file for bk. Take advantage of a free consultation and see if you will lose any of your assets. I can tell you in a first meeting whether this will be a problem or not. As indicated it usually is not.
    Answer Applies to: California
    Replied: 6/17/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    Yes, you need to include all your assets on your BK petition.
    Answer Applies to: Washington
    Replied: 6/17/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    It is a crime to fail to be honest. You could go to jail -and or have your discharge denied.
    Answer Applies to: California
    Replied: 6/17/2011
    The Law Offices of Alan M. Laskin
    The Law Offices of Alan M. Laskin | Jared B. Gaynor
    Unless you want to have the possibility of a federal felony floating over your head, yes.
    Answer Applies to: California
    Replied: 6/17/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    Yes. Failure to list an asset in Bankruptcy may make that asset subject to collection after the fact. However, no one wants to know how many forks or spoons you have. A good rule of thumb is that if something in particular has a distinct value like: antique hutch worth $500, list it, otherwise use generalities like "household furniture" $1,000.
    Answer Applies to: New Hampshire
    Replied: 6/17/2011
    Law Offices of Steven A. Wolvek
    Law Offices of Steven A. Wolvek | Steven A. Wolvek
    YES! You are signing under the penalty of perjury that you have disclosed all required information. Not listing certain assets you know exist is a crime. All bankruptcy crimes are investigated by the U.S Trustee and FBI.
    Answer Applies to: California
    Replied: 6/17/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    Yes. Candor is a crucial part of bankruptcy. The bankruptcy court is a court of equity, meaning a court of fairness. It is not fair to the creditors for the debtor to keep otherwise non-exempt assets. It is also a bankruptcy crime to not list all of your assets in bankruptcy.
    Answer Applies to: Oregon
    Replied: 6/16/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    The failure to disclose assets is a felony punishable by up to 5 years in federal prison and 6 digit fines. Additionally, it is grounds to deny your discharge and also will usually result in loss of the concealed assets. Prison time is very likely in such cases.
    Answer Applies to: Georgia
    Replied: 6/16/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Yes. If you don't you will be denied a discharge and can be prosecuted for bankruptcy fraud which is up to a $500,000 fine and 5 years in federal prison.
    Answer Applies to: California
    Replied: 6/16/2011
    Law Office of Chirnese L. Liverpool
    Law Office of Chirnese L. Liverpool | Chirnese Liverpool
    Yes, you must and should reveal all of your assets when filing for bankruptcy.
    Answer Applies to: California
    Replied: 6/16/2011
    Financial Relief Law Center
    Financial Relief Law Center | Mark Alonso
    All assets must be listed in a bankruptcy petition.
    Answer Applies to: California
    Replied: 6/16/2011
    Law Office of Eric Ridley
    Law Office of Eric Ridley | Eric Ridley
    Absolutely. Failure to reveal all your assets can be construed as fraud by the bankruptcy court, and could subject you to criminal penalties. Do not mess with the bankruptcy judge!
    Answer Applies to: California
    Replied: 6/16/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    Yes. Failure to reveal assets is bankruptcy fraud and can result in jail time. If you are in my area and are looking for an attorney, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 6/16/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Or face the risk of prosecution, fines and jail.
    Answer Applies to: California
    Replied: 6/16/2011
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