perjury Tag

18 Jan Liar, Liar, Pants On Fire!

[caption id="attachment_46024" align="alignleft" width="300"]Liar, Liar pants on fire! Failure to list assets may make you a liar, liar, pants on fire![/caption] What is an asset and better still, why do I need to tell anyone about it in bankruptcy?  Let's start with the definition of an asset.  Merriam-Webster defines an asset as something owned by a person.  Merriam-Webster has provided a simple but most excellent way to describe the term "asset". To determine if something is an asset, ask yourself, "Do I own it?"  If the answer is yes, you MUST list "it".  Please allow me to illustrate.  A dog lives with you, do you list it?  If you feed the dog and care for the dog, you probably own the dog.  So list it.  If the dog is not an AKC registered dog or does not qualify as a show dog, then the value is $0.  I know, I know, the dog is part of the family and priceless, but no one else is going to pay a significant amount of money for the dog.  Therefore, the trustee will not want the dog, but you have complied with your duty to list the dog as an asset.
Read More

07 Mar My Friend Says…

Almost every bankruptcy attorney can testify that they have heard "my friend says..." from a potential client or a current client. I explained in my Pigs get Fat and Hogs are Slaughtered in Bankruptcy article that bankruptcy cases are like snowflakes. No two cases are ever alike. Therefore just because your friend was able to file a Chapter 7 the facts specific to your individual case will vary and may prevent you from filing the same type of case. For me if someone starts a sentence with "my friend says", this is a warning sign.
Read More

04 Oct 13 Tips From The FBI Before Filing Bankruptcy.

I wanted to share 13 tips from the FBI before filing bankruptcy. I often tell clients that lying to the court is a crime called perjury, but often they do not believe me. So many times you will hear of stories of debtors who filed bankruptcy and did not disclose assets such as a boat, land or collectibles. These debtors often got away with discharging the debt and keeping the asset. Notice that I specifically identified the past tense in that sentence. The days of playing hide and seek with assets or creditors in bankruptcy are long gone. These stories make it incredibly difficult to convince the client that they must list all their assets and all their debts. So please allow me to share the 13 tips as I want to make it perfectly clear that lying on your petition or schedules can land you in prison.
Read More