Asked by Beatriz Castro on Jun 08, 2024
Verified
Phyllis intentionally conceals assets on her petition for bankruptcy. Phyllis has committed a _________crime.
A) federal
B) state
C) common law
D) petty
Federal Crime
A violation of laws passed by the United States Congress and punishable by the federal government.
Conceals Assets
The act of hiding assets or property intentionally from creditors, courts, or other parties to avoid seizure or legal judgments.
- Determine the statutory obligations for declaring insolvency and the repercussions of committing bankruptcy deceit.
Verified Answer
NA
Nurul AsyiqinJun 14, 2024
Final Answer :
A
Explanation :
Bankruptcy is governed by federal law, specifically the U.S. Bankruptcy Code. Intentionally concealing assets in a bankruptcy petition is a violation of federal law, making it a federal crime.
Learning Objectives
- Determine the statutory obligations for declaring insolvency and the repercussions of committing bankruptcy deceit.
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