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Is a 5% interest in an Asset Necessary to Report?

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The answer is clearly, YES.

All assets must be disclosed – you cannot selectively decide what to include in your bankruptcy petition.

One Debtor filed for bankruptcy in 2010 and in 2015 is being sentenced for bankruptcy Fraud for asset concealment.

This Debtor owned a 5% interest in a company and during the pendency of his bankruptcy case; he demanded and received a payout of his interest.   He wanted out of this interest.   The Debtor received $330,469.19 for this payout but did not disclose that in his petition.

Again, you must be totally honest when you complete and sign your bankruptcy petition.   You must realize the seriousness of your application.