When you file for bankruptcy, you must provide all information about your assets in your petition. It is crucial that you are to be completely truthful during your bankruptcy asset disclosure, even if it seems tempting to hide some of them. The following is some information about disclosing your assets during bankruptcy:
Why Would Anyone Hide Assets During Bankruptcy?
Many people make the mistake of assuming that by hiding assets in a bankruptcy petition they will not lose them.
- If you're starting your career in the medical field, you may assume your medical degree and desire to heal are all you need, but you are wrong. Unfortunately, even good intentions may end with less than desirable outcomes, and a disgruntled patient may decide to sue you. In order to protect yourself, you must ensure you are adequately covered with a professional liability insurance policy. If you aren't sure why you need one, check out these three benefits of professional liability insurance.
- If your kid has been arrested for shoplifting, don't assume that they are facing a minor or misdemeanor charge. Shoplifting can be a serious (felony) charge depending on the circumstances of the crime. For example, expect the kid to be charged with a felony under the following circumstances: They Stole an Expensive Item Stealing a five-thousand dollar watch will attract more serious charges than stealing a hundred dollar watch. Most states have shoplifting laws that specify a dollar limit above which shoplifting attracts felony charges.
- You've probably seen the advertisements on television urging accident victims to call an attorney right away. You may be wondering, however, how you know for sure whether or not it's really necessary to hire an attorney for something that seems so simple. After all, if you and the other driver are insured, you may be wondering what the point of getting an attorney would be. You may be able to go it alone, but if you make the wrong decision you could end up harming your claim and missing out on a lot of money damages.
- You can only pick and choose what bills to pay so many times before you encounter problems. While keeping a roof over you and your family's head is probably high on your list of "must pays", the time may come when even the rent has to wait. For those contemplating a bankruptcy filing, you may be hoping that you will be able to keep your landlord at bay. The success of that happening has a lot to do with what steps your landlord has already taken to have you removed from the rental property.