Desperate times call for desperate measures, however, they might not work every time. if you are thinking of filing for bankruptcy to get rid of the huge amount of debt, concealing your assets is one of the worst things you could do to hamper your chances of getting a discharge say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. Hiding anything, from a small family heirloom to money to property can cause you problems later. You are required to list all items considered your asset in your bankruptcy petition. Just because you are listing them does not mean that you will end up losing them. There are several provisions available in federal and state bankruptcy exemptions which can help protect personal property during bankruptcy.
As per 18 U.S.C. §152, concealment of property, which would have been a part of the debtor’s bankruptcy estate, willingly, is considered a fraud. This attracts a penalty of up to $250,000, 5 years in federal prison or both. It is therefore important that you do not hide assets. Instead, you should make use of the Federal Bankruptcy Code to protect your assets. if you don’t wish to lose any property, you should find ways to get it exempted. A bankruptcy lawyer can help you do so with ease. For a free consultation, you can call 888-297-6023 to speak with experienced bankruptcy lawyers.