{"id":5840,"date":"2022-06-05T06:21:48","date_gmt":"2022-06-05T06:21:48","guid":{"rendered":"https:\/\/recoverylawgroup.com\/?p=5840"},"modified":"2025-08-11T05:15:04","modified_gmt":"2025-08-11T05:15:04","slug":"concealing-assets-during-bankruptcy-what-are-the-consequences","status":"publish","type":"post","link":"https:\/\/recoverylawgroup.com\/staging_D\/concealing-assets-during-bankruptcy-what-are-the-consequences\/","title":{"rendered":"Concealing Assets During Bankruptcy? What Are The Consequences?"},"content":{"rendered":"

Call: <\/strong>888-297-6203<\/strong><\/a><\/p>\n

During bankruptcy, the filers might be extremely nervous and desperate. This can lead to reporting incorrect assets while filing for bankruptcy in a desperate attempt to safeguard a particular asset. The attempt to hide or provide misleading info about any asset is referred to as concealing an asset. This is more commonly seen in Chapter 7 bankruptcy<\/a> where the assets of the filer are most likely liquidated. Know more about such bankruptcy terms by logging on to https:\/\/recoverylawgroup.com\/staging_D\/bankruptcy\/<\/strong><\/a>.\u00a0<\/strong><\/p>\n

Concealing equals perjury<\/strong><\/p>\n

While filing for bankruptcy<\/a>, is just not an ordinary form where you list your assets and getaway. There is swearing, a promise, and a signature that certifies the information provided by you in the documentation is accurate to the best of your knowledge. In addition to this, the bankruptcy filer has to take an oath that the information provided is true and best to his knowledge. This oath is facilitated during the lender\u2019s meet which is conducted immediately after the bankruptcy application has been accepted.<\/p>\n

Considering all these aspects, by concealing an asset, the bankruptcy filer can expose himself to perjury and a wide array of criminal charges. This might also cost a hefty penalty and some prison time as well. The bankruptcy trustees are on their toes and have large experience in discovering hidden assets. Once found the asset might be forfeited and criminal proceedings for perjury and fraud might be initiated. The punishment in terms of dollars can cost $500k or there could be imprisonment for up to 5 years or both. Hence, there shouldn\u2019t ever be any attempt to conceal your assets in front of the bankruptcy court.<\/p>\n

Common practices to escape after being caught<\/strong><\/p>\n

Once caught concealing an asset, the situation for the debtor often becomes quite grim. The two most common approaches, they might use to get away from the situation can be listed as follows-<\/p>\n