The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 bankruptcy. Chang and Carlin, LLP’s bankruptcy lawyers in Chicago can help you get the immediate debt protection you need and help you get out of debt.
When you are over your head in debt, bankruptcy may seem like the perfect cure-all. It can truly wipe the slate clean. More than 1 million people file for personal bankruptcy every year, seeking relief from debt collectors and the weight of their bills. However, due to the fear of losing everything, some debtors don’t disclose details about their property and assets when they file. Not only is this unlawful, but it could get you into big trouble.
This what can happen if you are caught hiding property or information:
• Your discharge will be denied: Using Chapter 7 or Chapter 13 bankruptcy Chicago, you can discharge your debts but if you are caught hiding any property or asset, your entire bankruptcy petition will be thrown out, and you will be liable for all your debts.
• Your case could get dismissed: In some cases, your case will remain active but the hidden asset in question may be used to satisfy creditors as a result.
• Reversal of discharge: If the court learns you hid assets after your debt were discharged through bankruptcy, the discharge may be revoked.
• Loss of exemptions: Bankruptcy laws allow you to protect a limited value in certain property, such as a car or family heirloom. You may lose your exemptions if you do not disclose all your assets in your filing.
• Federal charges: If you provide false information anytime during your case this could lead to criminal charges including imprisonment and hefty fines.
These are just a few of the potential results of hiding assets, and the eventual consequences may be even worse! If you want to protect certain assets during bankruptcy, contact the law offices of Chang and Carlin, LLP today.
For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation with an experienced bankruptcy lawyer in Chicago, call Chang and Carlin, LLP today!
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.
When you are over your head in debt, bankruptcy may seem like the perfect cure-all. It can truly wipe the slate clean. More than 1 million people file for personal bankruptcy every year, seeking relief from debt collectors and the weight of their bills. However, due to the fear of losing everything, some debtors don’t disclose details about their property and assets when they file. Not only is this unlawful, but it could get you into big trouble.
This what can happen if you are caught hiding property or information:
• Your discharge will be denied: Using Chapter 7 or Chapter 13 bankruptcy Chicago, you can discharge your debts but if you are caught hiding any property or asset, your entire bankruptcy petition will be thrown out, and you will be liable for all your debts.
• Your case could get dismissed: In some cases, your case will remain active but the hidden asset in question may be used to satisfy creditors as a result.
• Reversal of discharge: If the court learns you hid assets after your debt were discharged through bankruptcy, the discharge may be revoked.
• Loss of exemptions: Bankruptcy laws allow you to protect a limited value in certain property, such as a car or family heirloom. You may lose your exemptions if you do not disclose all your assets in your filing.
• Federal charges: If you provide false information anytime during your case this could lead to criminal charges including imprisonment and hefty fines.
These are just a few of the potential results of hiding assets, and the eventual consequences may be even worse! If you want to protect certain assets during bankruptcy, contact the law offices of Chang and Carlin, LLP today.
For more information on Bankruptcy law or to schedule a FREE initial bankruptcy consultation with an experienced bankruptcy lawyer in Chicago, call Chang and Carlin, LLP today!
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.
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