Bankruptcy Fraud


Bankruptcy fraud is purposefully misleading the trustee or the court about the assets or debts that a person or company has in order to conceal assets from the reach of creditors or obtain a discharge from repayment of debts to which the debtor is not lawfully entitled.

Description:
Bankruptcy fraud may include filing false claims, knowingly concealing assets, making a false oath or affirmation, filing a false petition, embezzlement of the bankruptcy estate, or bribery.

Prohibited Activities

In order to be found guilty or being convicted of Bankruptcy Fraud, the government must prove beyond a reasonable doubt that the defendant:
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Devised or intended to devise a scheme or artifice to defraud, and
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For purposes of executing or concealing such a scheme or attempting to do so,
Filed a bankruptcy petition, including a fraudulent involuntary petition, or
Filed a document in a bankruptcy proceeding, or
Made a false or fraudulent representation, claim, or promise in relation to a bankruptcy proceeding at any time or in relation to a proceeding falsely asserted to be a bankruptcy proceeding.

Punishment

Bankruptcy fraud is a federal crime that is punishable by a fine and a sentence of up to five years in federal prison. http://www.law.cornell.edu/uscode/text/18/157
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