Persons filing bankruptcy are required to list all assets as well as all debts. What happens if a debtor doesn’t list all assets? Steve McVay, of the San Francisco area, filed Chapter 7 in 2010. However, prosecutors charged him with knowingly signing documents to conceal two bank accounts, including one in his wife’s name but under his exclusive control, totaling more than $45,000. Recently, he was sentenced to 56 months in prison, according to the San Jose Mercury News.