Bankruptcy Fraud
Tuesday, April 27th, 2010Bankruptcy was created as a way to give well intentioned families, who were over their head in debt, a way out. Using the courts, they could file for bankruptcy. If they were successful, most of their assets would be sold with the proceeds distributed among the creditors.
Most of his debt would be cleared from the books and he would be able to start to put his financial life back in order again without the huge debt weighing on him. Many families have successfully used bankruptcy to start again.
But many people are also using bankruptcy fraud as a way to cheat the system and steal from creditors under the guise of bankruptcy. The incidences of such fraud have been on the upswing since the new century.
