Concealing Items to Avoid Bankruptcy Repossession

If you are thinking about hiding your assets in order to avoid have them repossessed during bankruptcy, then you might want to reconsider doing such. For one thing, it is a criminal act, not to mention, your bankruptcy case could be tossed out of court as a result. Furthermore, trying to hide your assets just to avoid the repossession that comes with a bankruptcy will jeopardize your integrity and credibility.

Why You Shouldn't Hide Assets

The bankruptcy courts are more than familiar with people who attempt to sign away their assets within a year prior to filing bankruptcy. To nip this practice in the bud, the courts appoint a trustee to your case. It is the trustee’s job to ensure that you are not fraudulently hiding assets that would normally be seized during a bankruptcy proceeding. Additionally, if it is discovered that you have or are currently concealing items to avoid repossession then anyone who you may have paid will be tracked down aggressively by the Trustee and the could will seek repayment by those individuals.

Additionally, any non-exempt property that you have will be liquidated in order to pay off your debt. If, after a thorough investigation done by the trustee, it is found to be a fact that you intentionally hid your assets then the court will have no other choice but to throw out your entire bankruptcy petition – therefore making you completely liable for your debts. This misjudgment on your behalf will inevitably jeopardize your entire bankruptcy case. Additionally, your credibility will be compromised should you attempt to file bankruptcy in the future. Although, you will be able file for bankruptcy in the future, you may have to wait for the federally mandated time of six years.

Getting Help

One of the things that you definitely should do prior to beginning bankruptcy proceedings is to retain a bankruptcy attorney. A bankruptcy attorney will definitely step in and steer you in the right direction should you begin to even contemplate hiding your assets. Additionally, a bankruptcy attorney will ensure that the court appointed Trustee is doing everything according to the law, while not penalizing you. Having the attorney will be a great help in the long run, because he or she will be able to give you sound, legal advice on what your options are during a bankruptcy proceeding. The attorney will know how to navigate through the bankruptcy process with ease and professionalism while insuring that you do not get the short end of the stick in court.

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