Probably, the most common objection to discharge is that the debtor has intentionally transferred or concealed an asset from the bankruptcy estate and/or creditors. The objector must prove that the debtor acted with the intent to hinder, delay or defraud a creditor and/or the bankruptcy estate. If the objector cannot prove this specific intent, the objection will be denied.
The following are considered assets: house; car; furniture; etc. The facts concerning whether the debtor intentionally concealed an asset is typically easier to prove, as compared to the intent to defraud a creditor by way of the transfer of an asset.
Every debtor must list any and all assets on his bankruptcy petition, no matter the value. The failure to disclose a very valuable asset on the petition and at the bankruptcy hearing, would certainly be considered an important fact, when considering the debtor’s intent to conceal an asset.
One can transfer an asset by various means, such as by sale, gift, etc. Certain illegal transfers may be obvious, such as selling a $50,000 car for $200.00 the day before the bankruptcy filling. However, the fraudulent intent regarding other transfers may be less obvious, such as a depleted a bank account prior to a bankruptcy filing.
If you need assistance from a bankruptcy lawyer in NJ, Robert Manchel can be reached at 1 (866) 503-5655, to discuss any questions that you may have regarding your individual case.