Posted by David Leibowitz on October 27th, 2009 in Bankruptcy Crimes
We meet clients who have secrets. But bankruptcy is no place for secrets. Bankruptcy requires full disclosure. Clients who don’t disclose all of their assets, all of their income or even all of their debts could lose their discharge in bankrutpcy. Why?
Everything that you say in your bankruptcy petition is supported by your solemn oath, under penalty of perjury. So if you leave out something important from your bankruptcy petition, and it is clear that you knew better, there’s a strong likelihood that you can lose your discharge, just for making a false oath.
You also have to keep your paperwork intact. How much you need depends on how significant your business and debt is at the time you file your case. However, the more sophisticated you are, the more paperwork you must have. Failure to provide necessary papers to a trustee could result in loss of a discharge too.
You have to answer questions honestly too.
If you fail to do so, not only might you lose your discharge, you might also be committing a bankrutpcy crime.
Count on us at Lakelaw to help you file your bankruptcy papers correctly. Call us today at 1 866 LAKELAW (5253529). Lakelaw represents people in bankruptcy cases in Illinois and Wisconsin.