Can you hide money from a bankruptcy trustee?
Can you hide money from a bankruptcy trustee?
Hiding money from a bankruptcy trustee is illegal, but it happens every day. Bankruptcy laws are designed to help people who are drowning in debt, and in the process to make sure that these folks pay as much of their debt as they can afford. If you choose not to declare your assets, you could be hiding money from creditors. It's important to know, however, that hiding money from a bankruptcy trustee is a crime.
The law allows for the federal government to come after you and all of your assets if you don't genuinely need the discharge of your debts. Yes, there are some exemptions and loopholes that you can use; however, the government is going to look hard at those things if they suspect that you're trying to hide money from a bankruptcy trustee.
If you do have something that is legitimately exempt from bankruptcy filing, then it will be protected by state and federal exemptions. There are many different kinds of exemptions that exist under state and federal laws. Some of them protect homesteads, while others protect other kinds of assets like retirement funds or life insurance policies. If you do decide to try and hide money from a bankruptcy trustee, then you should at least be familiar with what exemptions exist for your state and what types of assets fall into those categories.
If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
