When you file for bankruptcy, you will be required to provide a list of your assets to the court. Failing to be thorough on that list could constitute bankruptcy fraud. It is important to ask your bankruptcy lawyer to guide you through the process of listing your assets, so you don’t inadvertently leave out anything important.
Watch this video to learn more about bankruptcy fraud. This federal crime is punishable by a fine and jail time, so resist the urge to try to obscure assets that you wish to keep from the court.
At Cutler & Associates, Ltd., our bankruptcy lawyers in Aurora and Schaumburg can help you make the right decisions about your bankruptcy filings, from choosing the right kind to reporting your assets.