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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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Bankruptcy Abuse and Fraud NewsGN News
• Utah Bankruptcies Soar 31 Percent In The First Half Of 2010 Salt Lake Tribune
Utah bankruptcies soar 31 percent in the first half of 2010Salt Lake TribuneThe Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 created new hoops for people to jump through before they could file for bankruptcy,
• Epiq Systems Announces Second Quarter 2010 Results Led By 38 Growth In Mark...
Epiq Systems Announces Second Quarter 2010 Results Led by 38 Growth in MarketWatch press release of total bankruptcy filings since the 12 month period ending March 31, 2006, which was just prior to when many of the provisions of the Bankruptcy Abuse and more raquo
• Consumer Bankruptcy Filings At Highest Level Since 2005 Wall Street Journal ...
Crunch Time News blogConsumer Bankruptcy Filings at Highest Level Since 2005Wall Street Journal blogThis marks the largest number of filings since the Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to curb the increase in filings five USA Consumer Bankruptcy Filings Up 14 Percent through First Half of 2010CreditmanUS Consumer Bankruptcies Up 14 in First Half of 2010eCreditDaily.comall 33 news articles raquo
• Can Bankruptcy Counseling Help To Give Debtors A Fresh Start Canton Daily Le...
Can bankruptcy counseling help to give debtors a fresh startCanton Daily LedgerThe Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was passed to assist consumers with making educated decisions regarding filing for Declaring Bankruptcy Easy But Banks Campaign To Make It DifficultNews FireBankruptcy filings continue to riseNorthwest Heraldall 3 news articles raquo
• Should Distressed Americans Be Required To Undergo Bankruptcy Counseling Cre...
Credit.com NewsShould distressed Americans be required to undergo bankruptcy counselingCredit.com News bankruptcy counseling classes in accordance with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 before being allowed to file.
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