Bankruptcy fraud is a federal offense, and convictions can result in serious prison sentences. If you are accused of bankruptcy fraud, protect your rights by retaining an expert attorney. Contact our criminal defense law offices today to consult with an attorney with expertise in complex financial crimes.

What is Bankruptcy Fraud?

Bankruptcy is a legal status of a person or business that cannot repay the debts owed to creditors. The debtor declares bankruptcy to obtain relief from the debt. Property is liquidated and divided up among the creditors to pay to the debts. Bankruptcy fraud involves the concealment of assets, false statements or declarations, or other fraudulent claims related a bankruptcy filing.

Typical Bankruptcy Fraud Cases

  • Concealment of Assets - this is the most common type of bankruptcy fraud prosecution. It involves the alleged failure to list total assets, so that creditors cannot liquidate them. It could also involve the transfer or money or property to someone else's name before the filing.
  • Multiple Filings - this involves an individual who may have filed for bankruptcy in more than one state, deliberately leaving assets off one or more of the petitions, or using a false name on one or more filings.
  • Petition Mills - the accused in a petition mill is alleged to have acted as a financial or legal advisor, assisting people filing for bankruptcy. The alleged victims claim that the accused filed the bankruptcy without their knowledge while bilking them out of fees.

Bankruptcy Fraud Penalties

Falsifications on bankruptcy forms will often constitute perjury. Bankruptcy filings fall under federal jurisdiction, and bankruptcy fraud is charged as a felony. Convictions carry a sentence of up to five years in prison and a fine of up to $250,000. Fraud statutes are usually dependent on the thought process of the accused during the alleged criminal acts, and viable defenses are usually available with proper legal representation.

Contact our Criminal Defense Law Offices

If you have been accused of Bankruptcy Fraud and any other related offenses, contact our lawyers today. Our team has the experience and legal skills needed to handle your serious criminal matters. To arrange an initial consultation with a bankruptcy fraud attorney, contact our criminal defense law offices today.

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