While bankruptcy filings nation-wide went down a total of 8 percent in 2011 from the year before, the total number of filings in the fiscal year of 2011 was 1,467,221. Obviously there is still a great need for financial remedies in the United States. There are so many reasonable options when you are facing bankruptcy and even many options to avoid bankruptcy, which means there is absolutely no excuse for people to cut corners. Unfortunately many people still commit bankruptcy fraud and some may not even know they are doing it.
Committing bankruptcy fraud is a type of white-collar crime and can come in many different forms. One of the most important principles to remember when you are about to begin bankruptcy proceedings is to remain an open book. Honesty is the best policy for avoiding any fraudulent activity on your part. Especially in Chapter 7 bankruptcy, because some of your assets can be liquidating many people will attempt to hide some of their assets in hopes of keeping them while getting rid of their debt. This is difficult, but not impossible to do.
Hence, some of the most common forms of bankruptcy fraud are concealing assets, fraudulent claims, false statements of any kind, destroying documents or "fee fixing." Fee fixing is a type of conflict of interest that violates the Competition Act of 1998. Overall, if you find yourself second-guessing whether or not you are being completely honest to creditors, lenders and attorneys then you probably are. There is nothing to fear when filing for bankruptcy. The point of bankruptcy is to alleviate your debt and get you back to a place of comfortable living.
Your living will be made even more uncomfortable than it was when you were buried in debt if you are found to be guilty of fraud of this nature. When filing for bankruptcy, an individual is responsible for declaring all assets so they can be combined to form a net value. Even if your bankruptcy proceedings are closed, if you withheld any information during the proceedings your case may be re-opened. Don't think you won't be found out, because creditors are relentless. A bankruptcy attorney wants to help you get through your financial struggles. They are on your side, which is why there is no reason to hide anything from them or anyone else. You can trust that with their help your debt doesn't have to last forever.
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