Some debtors may think they can get away with hiding, selling or transferring assets before filing a bankruptcy, but the truth is it is nearly impossible to not get caught. In fact, it is a federal crime to conceal assets in a Chapter 7 bankruptcy and if done it can result into some serious federal prison time and other federal punishments.
For instance, the Federal Investigation Bureau just convicted a woman named Diana J. Stout in Bethesda, Maryland for making a false statement and concealment of assets in her Chapter 7 filing. Stout thought she could transfer property to her daughter, withhold vehicles and jewelry from her bankruptcy petition to sell for money and not have to face any consequences. Inevitably, Stout is now facing 27 months in federal prison following with three years of supervised release along with a restitution obligation to be paid of $155,747.83.
It is always best to be completely honest when it comes to seeking federal help out of debt. At the Law Offices of Michael H. Raichelson we practice our integrity and protect our clients by making sure all assets are disclosed to prevent any legal problems in the long run. We follow through with the best possible solution for each client's needs. Call us today for your free consultation.