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Bankruptcy Law Center
ABOUT CHAPTER 7
HOW CHAPTER 7 WORKS
THE CHAPTER 7 DISCHARGE
ABOUT CHAPTER 13
HOW CHAPTER 13 WORKS
THE CHAPTER 13 DISCHARGE
STATE EXEMPTIONS
COURT GUIDE
ROLE OF THE TRUSTEE
BANKRUPTCY TERMS
BANKRUPTCY & TAX LIABILITY
FREQUENTLY ASKED QUESTIONS

 

Do I have to list all debts and assets?

Yes. It is a felony to fraudulently conceal an asset from the court or fail to list all debts. You can be fined up to $5,000 and the court can deny you your bankruptcy discharge.

It is also illegal to transfer assets to family or friends in an attempt to hide assets. The Bankruptcy process is in place to help you, so simply be honest.




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