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Simple English definitions for legal terms
bankruptcy crime
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A quick definition of bankruptcy crime:
Bankruptcy crime is when someone commits a crime while dealing with a bankruptcy case. This can include things like stealing money from the person who owes money or hiding important documents. It is against the law and can result in serious consequences.A more thorough explanation:
Bankruptcy crime refers to a criminal act committed in connection with a bankruptcy case. This can include a trustee embezzling from the debtor's estate or any other fraudulent act performed knowingly and fraudulently in a bankruptcy case. It is a serious offense and is punishable by law.
For example, if a trustee in a bankruptcy case steals money from the debtor's estate, it would be considered bankruptcy crime. Another example would be if someone conceals assets or destroys, withholds, or falsifies documents in an effort to defeat bankruptcy-code provisions.
These examples illustrate how bankruptcy crime involves fraudulent acts that are committed in connection with a bankruptcy case. Such acts are illegal and can result in severe consequences for the offender.