Filing for bankruptcy is a serious decision for anyone, but is often necessary in order to preserve your family and obtain a fresh start. As part of the process you must list all your assets and detailed financial information on the papers you file. Your attorney guides you through the bewildering paperwork that must be filed to make sure you get your discharge. However, you must be very honest with your attorney and tell him (or her) everything. If you do not list everything or try to hide something, it could result in a criminal bankruptcy conviction and jail time. This is just what happened to a Real Housewife of New Jersey.
Teresa Giudice, the star of “The Real Housewives of New Jersey” was sentenced on October 2, 2014 to 15 months in prison and fined $8000.00 for bankruptcy fraud. When she filed with her husband, they concealed on the bankruptcy papers filed the fact that they owned businesses, had income from rental property, and concealed Teresa Guidice’s income from the Housewives show. At her sentencing, the U.S. District Judge berated her stating,
“I’m not sure you respect this court. I’m not sure you respect the law. On the one hand you are a savvy businesswoman who writes successful cookbooks and markets herself so well. On the other hand you say you didn’t know how to cooperate. It defies logic. In the eyes of the law, it doesn’t matter who you are.”
So what we learn from this is: Always choose an experienced bankruptcy attorney and ALWAYS tell them everything.