Do Not Hide Assets from the Trustee. You Will Get Caught and Go to Jail.

Most of us have heard cocktail party talk about someone who had a lot of assets but managed to file bankruptcy and keep all of their stuff. Usually, the explanation has to do with exemptions and fully encumbered property. However, every once in a while, someone tries to play fast and loose with the...

Feds Seize $5 Million of Suspected Concealed Assets

A couple who filed bankruptcy in 2004 have been charged with hiding assets and money laundering and income tax avoidance. But that may only be part of their trouble. Federal agents have seized over 5 million dollars in cash from their home in Colleyville, a DFW suburb. "Larry Lake, a pharmacist...