Bankruptcy fraud is the last thing any bankruptcy petitioner wants to engage in when filing for relief under the bankruptcy laws. A petitioner convicted of bankruptcy fraud could find their discharge denied, face a large fine and potential jail time. So given that a debtor wants to avoid a bankruptcy fraud allegation at all costs the question becomes what could constitute fraud?
The bankruptcy laws are designed to give honest debtors a fresh start but the bankruptcy trustee will carefully scrutinize the filing and the following categories of issues are just some examples of items that will be red flags:
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