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Bankruptcy Fraud – What Is It?
We have often heard about bankruptcy fraud – a term often used by legal bodies. Any type of fraud is considered, in the USA, as a Federal crime. Bankruptcy is basically a legal way whereby a person or company is exempt from paying any of his/her/their debts due to a lack of finances. When a person tries to project such an image falsely, just to escape paying debts, this is considered as bankruptcy fraud and is punishable under the Law.
Some of the matters that amount to bankruptcy fraud are:
Concealing valuables/ property/ anything of value that can be used to facilitate the payment of the outstanding dues
Knowingly concealing information about secret dealing and contracts that provide “on-the-side” (un-declared) income
Transferring/ buying property in the name of your spouse, just so it will not be absorbed into the bankruptcy listing as assets
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