In today's technology age it's not a good idea to try and defraud your creditors using a bankruptcy filing. Let's just say, that bankruptcy was created for the honest, unfortunate debtors to get a second chance and a fresh start in life. In today's society there are many people that wouldn't know the truth if it fell on them. In every aspect of their life they deceive all those that come in contact with them in their home life and even work. It's not a good idea to file bankruptcy and think you can pull one over on the bankruptcy trustee. Filing bankruptcy is not a good form of debt relief for those who don't want to come clean and disclose all of their financial affairs. With the technology of today it's easy for a bankruptcy trustee to find out all kinds of information about the debtor.
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Dishonest people that are filing for bankruptcy, probably lied to their creditors to get the credit cards and loans that they are now trying to discharge. This takes the bankruptcy filing to a new level that is called fraud. When property that was purchased on credit all of a sudden disappears and the creditor can prove the purchase and the deception when the person opened the account, that debt will be non dischargeable. The bankruptcy court will not reward a debtor with a discharge that is trying to defraud a creditor. Depending on how flagrant violation, the creditor can pursue further legal options against the debtor. Lying and hiding property from the bankruptcy court is a federal crime and can be prosecuted by the US attorney. Criminals shouldn't try to find sanctuary in a bankruptcy filing.
Over the last few years, because of the economy the US has seen record numbers of those filing for bankruptcy. Many people don't understand the seriousness of trying to hide property from the court while filing bankruptcy. Some people think they can just give property to a friend or sell it to them extra cheap to hide it from their creditors. Since they technically don't own it, they decide to omit the asset from their bankruptcy petition. If the bankruptcy trustee finds out about this, they will go to the friend and get it back. The bankruptcy trustee can look back two years for any property or funds that have been transferred. People don't realize that the bankruptcy trustee tends to get quite a few anonymous phone calls from family members, ex-friends and neighbors ratting out the debtor for property that they are trying to hide. Once someone files for bankruptcy, they will find out who their true friends are.
It seems that some people think that the bankruptcy trustee has no idea of the going prices of household items. Consequently, people decide to value them at almost nothing. Lying about the value of your property is a good way to get the bankruptcy trustee to take a closer look at everything in your bankruptcy filing. Filing for bankruptcy is a US court proceeding and done under the penalty of perjury. This means that lying is unacceptable and can be prosecuted by the US Department of Justice Attorney.
Filing for bankruptcy is reserved for hard-working honest individuals who want a fresh start. It should be done with the debtor throwing all their cards on the table for their bankruptcy attorney and trust that their legal adviser will direct them appropriately. If it's done honestly, after the discharge the debtor will be on the road to becoming debt-free.
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