Concealment of Assets

Concealment of assets in the context of bankruptcy crime occurs when an individual deliberately hides or fails to disclose their valuable possessions or income during bankruptcy proceedings. This is illegal because it undermines the process designed to provide fair treatment to creditors. When someone files for bankruptcy, they must provide a complete inventory of their assets to the court. Hiding assets can lead to serious legal consequences, including penalties, denial of bankruptcy relief, or even criminal charges, as it is considered an attempt to defraud creditors.