Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Tell the Truth When Listing your Assets for Your Bankruptcy

It is extremely important for you to be honest about your assets when you're filing for bankruptcy. You can't pick and choose what assets or debts to include while filing, you have to list any and all you may have.

But remember, just because you list an asset on your bankruptcy schedules and statements that are filed by your attorney with the Bankruptcy Court does not mean that you will automatically lose that item of property to the Trustee administering your case. On the contrary, in all likelihood there is a law on the books that would protect that property from being lost to your bankruptcy Trustee, thereby making it "exempt."

Once in a while people concoct elaborate plans to make a property or asset "vanish" by getting rid of it at the last minute, or by selling it to a friend or family member with the intent to purchase it back. This is a bad idea. For example, a couple from Iowa tried to cheat their creditors out of nearly $400,000 when they were filing for bankruptcy. The couple tried to unload some of their assets by selling them to friends and family members just before their bankruptcy was filed and intended to purchase them back once the case was over. The couple was caught, spent time in jail, was ordered to pay almost $400,000 in restitution to the United States Trustee, and was also required to pay some hefty fines to their creditors.

Nothing can possibly be worth the price you'll have to pay if you're caught trying to hide assets when filing bankruptcy.

Before you decide to file for bankruptcy, it's important that you consult with an attorney. The lawyers at Miller and Miller have the knowledge and experience to make your Bankruptcy a streamlined process. Feel free to contact us through our website or by calling 414-326-9231 today.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.