A person interested in seeking debt relief through bankruptcy needs to be aware of bankruptcy fraud penalties. There are a variety of bankruptcy penalties that can be imposed depending on the seriousness of the violations.
The bankruptcy court can impose a monetary penalty on a debtor who has committed bankruptcy fraud. The amount of the penalty depends on the severity of the violation.
A very common bankruptcy fraud penalty is a dismissal of the case.
If the fraud perpetrated in a case is severe, the bankruptcy court can make a referral of the debtor to the U.S. attorney for prosecution.
Through a criminal prosecution, a debtor found guilty of bankruptcy fraud can face a prison sentence.
Minimising bankruptcy fraud penalties can best be achieved by retaining an experienced, qualified attorney.
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