I hate seeing this happen, I really do. If you receive a discharge in Chapter 7 Bankruptcy it is possible to lose the discharge. If you have not received your Chapter 7 discharge yet, it is possible to be denied it. What is the most common reason for losing or being denied a Chapter 7 discharge? Lying on the bankruptcy schedules or lying about your financial affairs under oath.
In exchange for getting substantial relief from your debts in bankruptcy, debtors are required to fully disclose all of their financial affairs on the bankruptcy schedules which get reviewed by the US Trustee’s office and the Chapter 7 trustee. Debtors who lose their discharge often find themselves in that position because they failed to disclose assets to the Chapter 7 trustee. That is a huge mistake. The saying is honest debtors get relief from their debts. Obviously, dishonest debtors do not.
If you file a Chapter 7 Bankruptcy and intentionally omit assets or other pertinent information on your bankruptcy schedules, you will likely be denied relief from your debts. Debtors contemplating filing Chapter 7 Bankruptcy would be well advised to fully and candidly disclose all of their assets and explain all of their financial affairs. It does not matter if debtors view the disclosure as good or bad, it needs to be disclosed and the chips will fall where they may. An excellent bankruptcy lawyer can guide you through the process and explain the ramifications of the disclosure. However, even the best bankruptcy attorneys cannot explain the ramifications of the disclosure to you if they don’t know about the disclosure themselves.
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When the time is right, or when you are ready to get your life back, reach out to Minnesota’s largest bankruptcy law firm at www.kainscott.com. You will be glad you did!
