What is bankruptcy fraud?
Bankruptcy fraud is a serious criminal offence and can carry heavy penalties. It occurs when individuals or businesses attempt to intentionally misuse the federal bankruptcy laws in order to gain an advantage over creditors or evade their obligations. Bankruptcy fraud comes in many forms, from concealing assets, lying on bankruptcy paperwork, or filing multiple bankruptcies in different states.
The most common type of bankruptcy fraud involves a person who fails to disclose all of their assets when filing for bankruptcy protection. By hiding assets during the bankruptcy process, debtors can avoid having those possessions seized and used to pay off creditors. Other forms of bankruptcy fraud include providing false information about income and debts during a debtor’s prebankruptcy planning phases and falsifying documents related to either pre-or post-bankruptcy proceedings
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