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What happens if you do not disclose all assets in bankruptcy?

Additional Information:

Can one go to jail for failing to disclose assets or is it more likely that a person would be fined?

ATTORNEY ANSWER:

The simple answer is YES.  When you file for bankruptcy you are submitting information and documentation under oath.  The Bankruptcy Code requires truth and accuracy regarding your financial affairs, so failing to properly disclose assets (and liabilities) is a crime.  Even if you are not criminally prosecuted, your case could be dismissed, leaving you in a world of trouble with the creditors circling.  You are not the first person to consider this option, bankruptcy trustees (and your creditors) 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.  

The Boston Bankruptcy Attorneys at our firm concentrate their practice in bankruptcy and insolvency matters. Our bankruptcy attorneys serve consumers and businesses throughout the state of Massachusetts with offices located in downtown Boston, the Boston Metrowest town of Framingham, and  Provincetown, Cape Cod.

Bostonian Legal Group