Consequences of Misleading Creditors
Whether you’re filing for Chapter 7, 11, or 13, bankruptcy is an important decision that should be carefully considered. If you are truly in a financial crunch, there are a number of advantages to filing. However, it also entails a number of serious responsibilities and sacrifices.
If you or someone you know is in the midst of a financial crisis, the Austin bankruptcy attorneys of Slater, Kennon & Pugh Ltd.LLP can help. Call 512-338-1100 to schedule a free consultation.
Dangers of Withholding Information
If you have filed for bankruptcy, all of your financial records will be investigated by a trustee. Depending on the circumstances and the type of bankruptcy you file, some of your possessions may be liquidated in order to pay off creditors. Because of the nature of bankruptcy, the law prohibits you from withholding any information about private investments, properties, or entitlements of worth which you currently possess, or may possess in the future.
When filing for bankruptcy, all of the following must be disclosed:
- Retirement funds and pensions
- Inheritance
- Offshore bank accounts
- Stocks, trusts, or tax refunds
- Compensation you have received in a legal proceeding
When filing for bankruptcy, withholding information about any possessions of worth can nullify your case and may be considered a criminal offense.
Contact Us
If you or someone you love is overloaded with debt, the Austin bankruptcy lawyers of Slater, Kennon & Pugh Ltd.LLP can help you determine your best options. Contact 512-338-1100 today to speak with an experienced attorney about your situation.