Concealment of property is one of the fraudulent acts under the Federal Bankruptcy Law. Concealment of Property during and prior to bankruptcy proceedings considered fraudulent if the following is proven:
Property that belongs to the petitioning debtor considered to be any property that the debtor has any legal, beneficial, or reasonable interest that the debtor has in a property on the day the petition was filed, or the debtor acquired the property after the petition was filed.
Therefore, the debtor must disclose all the existing assets whose immediate estate status is unknown. Even if the property in question is not related to the estate under bankruptcy. Under the Federal Bankruptcy Code, Section 152, if the courts determine that the property was not disclosed, lawfully imposed restrictions may be applied due to failing to report the asset.
For example, if the debtor fails to disclose an active personal injury case in the bankruptcy schedule. The settlement money that will be awarded to the debtor is considered an estate asset.? The debtor will be charged with concealment of property. It doesn?t matter the amount of the assets concealed the debtor will still charged just the same.
Under most regulations, bankruptcy petitioner needs to cooperate turn up all assets, weather or not petitioner does not think that they are relevant, in order to aid the investigation conducted by the government. It?s in the interest of the petitioner to have his/her application approved. If concealment of property for what ever reasons the bankruptcy petition will be ultimately denied and charges will be brought up against the petitioners including a large fine and imprisonment.
If you are facing any bankruptcy related fraud charges in New York City, you should seek immediate council advice and or representation by a New York City bankruptcy fraud criminal defense attorney.
If you are being subpoenaed by federal investigators in New York City, then call our office at (212) 227 0860 to get professional legal advice.
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