Bankruptcy Basics: Watch out for Bankruptcy Crimes

bankruptcyWhen filing bankruptcy, always tell the truth!

When filing for bankruptcy protection, a debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a crime.  The court requires debtors to divulge all assets and debts to insure the protection of creditors.  By signing your petition, you are affirming all information in the petition is correct to the best of your knowledge, under penalty of perjury.  A conviction of perjury can affect your ability to obtain certain employment, and will follow you for the rest of your life.  Do not try to hide assets from the court, they will find out, and they will convict if they believe the omission was intentional.