Yes, bankruptcy is a complex matter with laws constantly changing, and you need to be sure you protect the assets you have and have properly prepared paperwork for the courts. The penalty for making a false statement or concealing property could result in up to $500,000.00 in fines or imprisonment for up to 5 years or both. Usually, the cost for a bankruptcy attorney is very reasonable and is a small cost to pay compared to the amount of debt you may be able to discharge.