Are you going through bankruptcy? If yes, then you shouldn’t forget about this: report about all your assets in order to ensure the proper processes are being utilized. If you decide to hide any of your assets, it can lead to extremely sophisticated consequences.
Usually, when the revenue of a person or a company is not enough to cover the debts, the necessity of bankruptcy occurs. It can be small business loans, homeowners’ loans and many other reasons. So, if you think that bankruptcy is the only way to solve your financial problems, you should be ready that in most of the cases it can cost arm and leg to implement it. First of all, you should understand that this process requires 100% transparency from your part. It is better to report about all your assets, than face a huge number of penalties in the future.
Unfortunately, the majority of taxpayers prefers hiding their assets when they are going through bankruptcy. There are different ways of hiding assets. For example, you can transfer your assets to another person, until the process of your bankruptcy is finished. Or, you can sell your assets before actually implementing bankruptcy. It will help you hide your property from the IRS. But once the IRS discovers your illegal and deceitful actions, you will face lots of issues. It can be anything: penalties, or even worse, you will not be able to file for bankruptcy again.
About the Process
One of the most crucial aspects in the process of filing bankruptcy is choosing the right chapter, based on aspects like revenue, income and other assets that you possess. Believe us, IRS has a designated team which is responsible for bankruptcy processes, and which can easily detect any hidden assets. As a result, your actions may become a reason for your application’s rejection, or what’s even worse, you can face penalties due to perjury.
Mistakes in Paperwork
There are cases when the applicant faces some issues, just because they made a mistake in paperwork. Normally, when a person files an application without the help of a professional attorney, the entire process seems a little bit confusing. Therefore, we at Prestige Auditors, highly recommend you to complete this process under the supervision of professionals. Once the hidden assets have been discovered, the applicant is risking to face fines and penalties.
In the light of the above-mentioned information, one can see that the role of professional assistance is vital; especially, when you are facing bankruptcy. The help of specialists is always visible; it allows you to prevent any possible issues like penalties or criminal charges.
The entire team of Prestige Auditors is ready to land you a helping hand and accompany in the process of bankruptcy. Give us a call today, and let’s start from solving all your problems.