Hidden Assets and Bankruptcy
When filing for bankruptcy, it is important to keep in mind that all assets, liabilities, and anything that can have an effect on the individual’s financial future should be disclosed to the attorneys and court for consideration during the bankruptcy proceedings. Because anything that is deemed to be hidden or concealed may put the entire bankruptcy application in jeopardy, it is crucial that nothing is left out.
Although some individuals may not wish to disclose everything they own to the court, it is essential that everything is included in the bankruptcy application. Assets that are not disclosed or are transferred to other individuals (including family members) may be revealed and can put the entire bankruptcy application at risk. If you would like more information, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346 today.
Common Mistakes
Mistakes that bankruptcy applicants have made in the past include:
- Transferring home deeds to spouses or family members in an attempt to conceal the asset
- Quick sales of property, cars, or other items of value to others to “get rid” of them quickly
- Transferring money to the accounts of family members or friends
- Omissions or intentional errors on the bankruptcy application
- Failure to completely reveal assets and liabilities to attorneys and the court
If an individual is found to have transferred assets or concealed property from the court, the judge may decide to deny the orders of discharge and the entire bankruptcy petition may be thrown out.
Contact Us
If you have been accused of hiding assets during a bankruptcy proceeding, you may be eligible to revise your bankruptcy petition and apply again. For assistance with your bankruptcy petition, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346.
