Failing to Disclose an Asset
Many people think that they don’t need to disclose al their assets – especially those that they received as gifts or assets that are titled in someone else’s name. Intentionally failing to disclose an asset is bankruptcy fraud. It could easily disqualify you from receiving a discharge and could result in criminal prosecution. All assets must be listed.
Fortunately, however, most assets are protected by exemption laws that allow you to keep the assets provided that you properly assert the exemption. Exemptions are why only about one person in twenty has to forfeit an asset to a trustee. Part of you’re your attorney’s job is to navigate you through the legal complexities and identify assets of interest to the trustee and take steps to protect them.
