White Collar Bankruptcy Term Papers

Prior to going into more depth about bankruptcy fraud, white-collar crime needs to be further explained. White-collar deals with culprits that seek to yield a financial advancement from a method of deception. These types of crimes are usually committed by business people, and due to their job status gain access to large amounts of the other individual‘s money. White collar crime does not pertain too much around violent, drug-related, or overtly illegal activities. In fact, perpetrators are normally involved in otherwise lawful companies and may hold reputable positions in the community before the finding of their fraudulent acts. Now, bankruptcy fraud fits under the white-collar crime classification, and the research will go into further

Insolvency can lead to bankruptcy if the insolvent party is incapable of effectively addressing its financial condition ("What If I Am Insolvent?" 1). Bankruptcy constitutes as the full and final solution for debt problems. Bankruptcy should be an option only after all other method have been exhausted, since it drastically impact credit scores. That is a reason why the bankruptcy cases cannot be filed in state, as federal government controls bankruptcy procedures. Therefore, each 94 different judicial districts process it own petitions and proceeding (Brooks

While private citizens commit bankruptcy fraud, the main focus is surrounding business organizations and the people within them. There even has been cases where "bankruptcy attorneys, and bankruptcy petition preparers participate in criminal behavior at the expense of debtors and creditors in bankruptcy proceedings". The most recent case was occurred with a Topsfield the week of September 13. Robert P. Bonefant, Jr, and the company’s top executive, pleaded guilty to three counts of bankruptcy fraud for making false statements ("Creditors and Consumers Pay the Price" 1). In addition, there are other cases published by the Internal Revenue Services (IRS) for the fiscal year. The list includes a series of businesspeople who committed bankruptcy fraud such as a case in St. Louis, Missouri, where Kenneth Hutchinson, owner of Third Eye Investments, plead guilty to bankruptcy fraud, and not disclosing the correct income and asset information (U.S. Attorney’s Office 1) . The case with all connect to back to the common types of bankruptcy and what type did the party file. Through the paper, readers should gain a better understanding of bankruptcy, and the white-collar crime schemes