A type of investment fraud in which investors are promised artificially high rates of return with little or no risk; original investors and the perpetrators of the fraud are paid off by funds from later investors, but there is little or no actual business activity that produces revenue. The scheme generates funds for previous investors so long as there is a consistent flow of funds from new investors. This gives the impression that the earlier investments drastically increased in value in a short period of time. The scheme inevitably collapses when too many investors deman
money and financial problems
Law about consumer financial problems
Allows divorcing spouses to agree to the terms of their divorce. The agreement generally can cover property division, spousal (maintenance) support, child custody and visitation arrangements, and any other issues relevant to the divorcing couple. However, the parties may not agree on child support. Child support is the right of the child and is regulated by the state.
If the court decides that the agreement is fair to all concerned parties, the agreement may be signed into an order of the court as a final judgment of divorce.
Intentional conduct that is wrongful or unlawful, especially by officials or public employees. Malfeasance is at a higher level of wrongdoing than nonfeasance (failure to act where there was a duty to act) or misfeasance (conduct that is lawful but inappropriate).
A crime involving writing a check on an account, Account A, with insufficient funds and depositing it in another account, Account B, and then writing a check on Account B and depositing it in Account A to cover the first check written on Account A. Kiting takes advantage of the time it takes banks to clear checks.
A tax-deferred retirement plan primarily for the self-employed. Also called H.R. 10 plan and self-employed retirement plan.
The New York Times (2007): "For Keogh Plans, a Technicality Could Crack a Nest Egg"
A business record of a customer's account which indicates the total amount owed by the client at any given time. The book account serves as a clear basis for bringing suit on a customer's failure to repay the debt.
A person appointed by the court to oversee a bankruptcy case. In a Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, sell it, and distribute the proceeds to creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them to creditors. Businesses can file for Chapter 11 bankruptcy.
The way a bankruptcy case wends its way through the court system, from the time the bankruptcy petition is filed until the debtor receives a bankruptcy discharge.
A nonlawyer who helps debtors complete their bankruptcy paperwork for a fee. Bankruptcy petition preparers may not give legal advice or represent people in court; instead, they act as a typing service, completing the required bankruptcy forms as directed by the debtor who hires them.
Everything a debtor owns when filing for bankruptcy, except certain pensions and educational trusts.