Crimes which are associated with business and commercial activity are considered "white collar" crimes. There are several different types of white collar crime, all of which are designed for the financial profit of the perpetrator.
Some common types include embezzlement, insider trading, credit card fraud, Medicare fraud, tax evasion, money laundering and bankruptcy fraud. Bankruptcy fraud is a white collar crime that has rapidly increased as a result of the nation's economic recession and more stringent bankruptcy laws.
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There are three types of bankruptcy fraud: Concealment of assets, in which the perpetrator hides assets and underreports disposable income in order to obtain bankruptcy debt forgiveness and avoid liquidation of assets Multiple filings, in which the perpetrator files for bankruptcy in multiple states or under assumed names Petition mills, in which the perpetrator victimizes a debtor by collecting personal financial information by claiming to help him or her fight eviction, and using the information to submit false bankruptcy filings.
The most common type of bankruptcy fraud is concealment of assets. While Chapter 7 bankruptcy allows for total debt forgiveness, the maximum monthly disposable income threshold to obtain Chapter 7 bankruptcy is fairly small. For this reason, most bankruptcy is Chapter 13, which requires debtors to make minimum monthly payments against their debt for a certain length of time.
In order to obtain a Chapter 7 bankruptcy, some debtors fraudulently underreport their disposable income or overstate their expenses in an effort to minimize monthly disposable income. They may also attempt to hide or fail to report assets to prevent their liquidation.
Filing false bankruptcy claims or misrepresenting, concealing, or lying about information on the application is a federal offense. If you have filed for bankruptcy and suspect you may have done something illegal in your reporting, it is in your best interest to speak with an Oklahoma fraud lawyer as soon as possible.
You may be under investigation for bankruptcy fraud without even knowing it. An experienced fraud attorney can help you understand whether or not you have done something illegal. If not, you can rest easy. If so, your lawyer can help you with the steps you need to take to minimize the impact the bankruptcy fraud will have on your life. If you have already been charged with bankruptcy fraud, a criminal attorney can work with you to build a defense against the fraud charge.
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