Two Consequences Of Intentionally Leaving Assets Out Of Chapter 7 Bankruptcy Lawyer Explains

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Law Offices of Nicholas Gebelt
15150 Hornell St
Whittier, CA 90604
(562) 777-9159

The two main ones are number one, you can have your discharge denied. The office of the US trustee takes this sort of thing very seriously, and if they discover that you did not list some significant asset, they will prosecute a case to have you have a Chapter 7 discharge denied. That means you emerge from the case with all of your debts intact. You have accomplished nothing. On top of that in any subsequent bankruptcy case, you won't be able to get rid of those debts, so it's very serious.

The second thing is you do court the possibility of imprisonment and a fine. Bankruptcy crimes are crimes. There are definitely the real thing, and you can be fined, sometimes a lot of money and there is a debt that's not going to be discharged in a subsequent bankruptcy case. You can end up with free room and board at the taxpayer's expense. You absolutely must tell the truth.
I realize that there is this belief around the country that lawyers lie. I never lie. The lawyers that I know, well with one exception, don't lie. Part of it is one of the things that we have that we market is our integrity. Yes, I will work very hard for my clients. I will use the law as vigorously as I can, but I will never ever lie. Not in a pleading, not in any testimony, not in any context whatsoever, because there's too much at stake.

On top of that if you start to lie, how do you know keeping track of what the truth is as opposed to the lies. You have to keep fabricating more and more and more to come up with something that appears to be internally consistent. You really, really, really don't want to lie. If you leave assets out of your bankruptcy petition, you are opening yourself up to very serious consequences.

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