This myth is a corollary of the one above. It comes into play when people think they are going to lose their property if they disclose it all.
This is a dangerous myth, and can actually turn into criminal behavior if acted upon. There is almost no potential for criminal behavior in bankruptcy except this. Being honest and forthright is what bankruptcy is all about. You’re laying your cards on the table and saying with great accuracy—“I cannot repay my debts.” So all assets have to be disclosed, even bank accounts with negative balances.
A good bankruptcy attorney can keep you from having property taken from you that you do not want to lose by perfectly legal means. It may not have the convenience of the dishonest way, but it will keep you out of trouble and in control of your destiny.