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Bankruptcy Fraud
Bankruptcy Fraud
About 10 percent of all bankruptcy applications contain some misleading elements of fraud. Due to this high percentage, bankruptcy fraud continues to be an area of concern for the Internal Revenue Service and the Department of Justice. In the realm of business, bankruptcy fraud continually presents problems. Bankruptcy fraud is when a business tries to avoid paying for goods/services even though the business has the economic means to provide payment for these goods/services, after the business files for bankruptcy. The most common types of bankruptcy fraud are: petition mills, false oath, concealment of assets, and fraudulent conveyance.
Despite the fact that white collar/business crimes are considered extremely illegal, offenders tend to incur more lenient charges. Generally, instead of lengthy jail sentences, defendants that are convicted of white collar crimes have to pay enormous fines or restitution. They may even have to spend time in jail. Today, there is a trend toward stricter punishment for white collar crimes because people are starting to recognize the financial damage white collar criminals inflict on society.
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