If you are having financial difficulty, you may be considering bankruptcy. An important part of the process is disclosing all of your assets and property you own. If you do not knowingly provide accurate information regarding your assets, you can get in trouble and be found guilty of bankruptcy fraud. Here is what you need to know. What Is Bankruptcy Fraud? If you accidentally forget to disclose an asset during your bankruptcy filing, you can always disclose it as soon as you realize you have done so.
- Filing for bankruptcy has always been viewed as a disgraceful thing. People can make smearing remarks about you being bankrupt, but should it deter you from filing a Chapter 7 bankruptcy? No, filing for bankruptcy has upsides and shortcomings. Consult a Chapter 7 bankruptcy lawyer to understand the repercussions and Chapter 7 bankruptcy law. Here are ways that Chapter 7 bankruptcy can be great for you. 1. Most Debts Are Erased