Jay Adkisson. Don’t hide assets, then file for bankruptcy. It will blow up.
The lesson here is that you must engage in asset protection planning well before any indebtedness is incurred, and especially before you start giving financial statements — for once you have given your financial statements you have placed those assets on the table, and the law does not allow you to start taking them off the table if the cards become unfriendly. In fact, the law will treat you pretty much like a casino would treat a gamble who tried to grab his chips off the table and run for the door …. the end result will be grim.