Bankruptcy

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Bankruptcy Abuse and Fraud

Bankruptcy fraud is a crime.  Common fraudulent or abusive acts under bankruptcy statutes include concealment of assets, concealment of documents, destruction of documents, false statements, conflicts of interest, fraudulent claims, and redistribution of assets arrangements.

Nearly two thirds of bankruptcy fraud involves the intentional non-disclosure of assets and cash in a bankruptcy petition. Schemes also include the hiding of assets, making of false statements, making multiple filings, undervaluing assets, forging petitions, use of petition mills that provide false information and making gifts or transferring assets immediately prior to or during bankruptcy. The penalties can be severe.  Bankruptcy fraud is a felony punishable by up to 5 years in prison and a $250,000 fine. Conviction for bankruptcy fraud can also invalidate your bankruptcy and allow your creditors to collect debts that were discharged by the bankruptcy.

Bankruptcy fraud has been used by individuals involved in all sorts of businesses. It's a favorite ploy of organized criminals and other con men. Consulting with legal counsel can provide information about legal rights, alternatives to bankruptcy and procedures that could keep many from crossing the line to criminal behavior.

 

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Student Loans, Bankruptcy And The Silence Of Presidents Inside Higher Ed
Inside Higher Ed Student Loans, Bankruptcy and the Silence of Presidents Inside Higher Ed The lending system has become obscenely predatory and profitable for the banks who lobbied away bankruptcy protections. Remember how the banks promised Congress in 2005 that removing bankruptcy rights from private student loans would enable them to and more raquo

Coronation Street Star Michael Le Vell Facing Bankruptcy After The Sun
The Sun Coronation Street star Michael Le Vell facing bankruptcy after The Sun The star was forced to pay out huge sums to clear his name in the courts in 2013. After his marriage breakdown, the dad of two, 52, was also left with no choice but to sell his 750000 Cheshire home. Coronation Street star Michael Le Vell 39on verge of bankruptcy after Mirror.co.uk all 5 news articles raquo

Second Diocese Of Duluth Insurer Settles Duluth News Tribune
Duluth News Tribune Second Diocese of Duluth insurer settles Duluth News Tribune The diocese filed for bankruptcy in December 2015 in the wake of a 4.9 million verdict in the first case to go to trial under the Minnesota Child Victims Act. It sued the five insurers six months later, seeking to force coverage of 125 abuse claims and more raquo

Toronto Resident Charged With Bankruptcy Offences Canada NewsWire Press Release
Toronto Resident Charged With Bankruptcy Offences Canada NewsWire press release However, there are instances where individuals abuse the system by failing to comply with their duties under the bankruptcy process and/or engaging in fraudulent criminal activities. Offences are identified through detection programs or through

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Facts of Law about bankruptcy abuse and fraud in todays law

Facts of Law - Bankruptcy Abuse And Fraud