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administrative requirements to be a full-time job, so weigh the pros and cons of each option before choosing which type(s) to offer.Table of Contents Introduction Concealment of assets Petition mills Multiple-filing schemes Bust-out schemes External WebsitesHistory & Theorybankruptcy fraudcrimeWritten byRobert MooreFact-checked byThe Editors of Encyclopaedia BritannicaArticle Historybankruptcy fraud, the act of falsifying information when filing for bankruptcy. It may also take the form of filing for bankruptcy to deceive creditors.In the United States, about 10 percent of bankruptcy filings involve fraudulent claims.
The four most commonly encountered fraud schemes are concealment Northeast Mobile Number List of assets, petition mills, multiple-filing schemes, and bust-out schemes.Concealment of assetsWhen debtors file for bankruptcy, they are required to list all their assets so that creditors will have the opportunity to claim a share of the earnings from the sale of those assets. Debtors who commit concealment of assets fraud will intentionally neglect to list all their assets , in the belief that creditors cannot obtain payment from the sale of assets that are not known.
Concealment of assets is the most commonly encountered form of bankruptcy fraud, over two-thirds of all fraudulent bankruptcy cases invoking variants of this scheme.There are several variations of concealment of assets fraud. In one variation, debtors will transfer the assets they wish to keep to the name and financial accounts of a family member who has good credit. Another variation involves hiding cash assets in accounts overseas and outside the legal jurisdiction of U.S.-based
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