Tax Law Term “Bankruptcy Fraud“
The most common scheme used in fraudulent bankruptcy filings involves concealment of the debtor’s assets. Concealment prevents such assets from being liquidated and transferred to creditors as provided in the Bankruptcy laws. Bankruptcy fraud includes a knowing misrepresentation of the truth or concealment of a material fact with respect to the bankruptcy proceeding.
Bankruptcy fraud is a white-collar crime that commonly takes four general forms: A debtor conceals assets to avoid having to forfeit them. An individual intentionally files false or incomplete forms. Including false information on a bankruptcy form may also constitute perjury. Legal Information Institute
See the Criminal Resource Manual for a discussion of bankruptcy fraud law, and sample indictments: 9-41.001 – RESOURCE MATERIALS Department of Justice
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