If you are deliberately hiding your assets and the court discovers your action, your case will be dismissed and you might be prosecuted for fraud.

What are the consequences if I fail to claim an asset on a bankruptcy?

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 Be very careful and accurate while filing the petition, schedule and the statement of financial affairs. If you are deliberately hiding your assets and the court discovers your action, your case will be dismissed and you might be prosecuted for fraud. The consequences for fraud are quite serious; you might even land up in jail.


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