In regulatory jurisdictions that provide for it, consumer protection is a group of laws and organizations designed to ensure the rights of consumers as well as fair trade and accurate information in the marketplace. The laws are designed to prevent the businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors, they may provide additional protection for those most vulnerable in society. Consumer protection laws are a form of government regulation that aim to protect the rights of consumers. For example, a government may require businesses to disclose detailed information about products—particularly in areas where safety or public health is an issue, such as food. Consumer protection is linked to the idea of consumer rights and to the formation of consumer organizations, which help consumers make better choices in the marketplace and get help with consumer complaints. Other organizations that promote consumer protection include government organizations and self-regulating business organizations such as consumer protection agencies and organizations, the Federal Trade Commission in America and Better Business Bureaus in America and Canada, etc.
A consumer is defined as someone who acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing. Consumer interests can be protected by promoting competition in the markets which directly and indirectly serve consumers, consistent with economic efficiency, but this topic is treated in competition law. Consumer protection can be asserted via non-government organizations and individuals as consumer activism. Consumer protection law or consumer law is considered as an area of law that regulates private law relationships between individual consumers and the businesses that sell those goods and services. Consumer protection covers a wide range of topics, including but not limited to product liability, privacy rights, unfair business practices, misrepresentation, other consumer/business interactions. It's a way of preventing frauds and scams from service and sales contracts, eligible fraud, bill collector regulation, utility turnoffs, personal loans that may lead to bankruptcy.
The following lists consumer legislation at the nation-state level. In the EU member states Germany and the United Kingdom there is the applicability of law at the EU level to be considered. In Australia, the corresponding agency is the Australian Competition and Consumer Commission or the individual State Consumer Affairs agencies; the Australian Securities and Investments Commission has responsibility for consumer protection regulation of financial services and products. However, in practice, it does so through run EDR schemes such as the Financial Ombudsman Service. In Brazil, consumer protection is regulated by the Consumer's Defense Code, as mandated by the 1988 Constitution of Brazil. Germany, as a member state of the European Union, is bound by the consumer protection directives of the European Union. A minister of the federal cabinet is responsible for protection. In the current cabinet of Angela Merkel, this is Katarina Barley; when issuing public warnings about products and services, the issuing authority has to take into account that this affects the supplier's constitutionally protected economic liberty, see Bundesverwaltungsgericht Case 3 C 34.84, 71 BVerwGE 183).
In India, consumer protection is specified in The Consumer Protection Act, 1986. Under this law, Separate Consumer Dispute Redress Forums have been set up throughout India in each and every district in which a consumer can file his complaint on a simple paper with nominal court fees and his complaint will be decided by the Presiding Officer of the District Level; the complaint can be filed by both the consumer of a goods as well as of the services. An appeal could be filed to the State Consumer Disputes Redress Commissions and after that to the National Consumer Disputes Redressal Commission; the procedures in these tribunals are less formal and more people friendly and they take less time to decide upon a consumer dispute when compared to the years long time taken by the traditional Indian judiciary. In recent years, many effective judgment have been passed by some state and National Consumer Forums. Indian Contract Act, 1872 lays down the conditions in which promises made by parties to a contract will be binding on each other.
It lays down the remedies available to aggregate party if the other party fails to honor his promise. The Sale of Goods Act of 1930 act provides some safeguards to buyers of goods if goods purchased do not fulfill the express or implied conditions and warranties; the Agriculture Produce Act of 1937 act provides grade standards for agricultural commodities and live stock products. It specifies the conditions which govern the use of standards and lays down the procedure for grading and packaging of agricultural produce; the quality mark provided under the act is known as AGMARK-Agricultural Marketing. The Nigerian government has a duty to protect its people from any form of harm to human health through the use and purchase of items to meet daily needs. In light of this, the Nigerian Consumer Protection Council, whose aim is to protect and enhance consumers' interest through information and enforcement of the rights of consumers was established by an Act of Parliament to promote and protect the interest of consumers over all pro
Mexico the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States. Covering 2,000,000 square kilometres, the nation is the fifth largest country in the Americas by total area and the 13th largest independent state in the world. With an estimated population of over 120 million people, the country is the eleventh most populous state and the most populous Spanish-speaking state in the world, while being the second most populous nation in Latin America after Brazil. Mexico is a federation comprising 31 states and Mexico City, a special federal entity, the capital city and its most populous city. Other metropolises in the state include Guadalajara, Puebla, Tijuana and León. Pre-Columbian Mexico dates to about 8000 BC and is identified as one of five cradles of civilization and was home to many advanced Mesoamerican civilizations such as the Olmec, Teotihuacan, Zapotec and Aztec before first contact with Europeans. In 1521, the Spanish Empire conquered and colonized the territory from its politically powerful base in Mexico-Tenochtitlan, administered as the viceroyalty of New Spain.
Three centuries the territory became a nation state following its recognition in 1821 after the Mexican War of Independence. The post-independence period was tumultuous, characterized by economic inequality and many contrasting political changes; the Mexican–American War led to a territorial cession of the extant northern territories to the United States. The Pastry War, the Franco-Mexican War, a civil war, two empires, the Porfiriato occurred in the 19th century; the Porfiriato was ended by the start of the Mexican Revolution in 1910, which culminated with the promulgation of the 1917 Constitution and the emergence of the country's current political system as a federal, democratic republic. Mexico has the 11th largest by purchasing power parity; the Mexican economy is linked to those of its 1994 North American Free Trade Agreement partners the United States. In 1994, Mexico became the first Latin American member of the Organisation for Economic Co-operation and Development, it is classified as an upper-middle income country by the World Bank and a newly industrialized country by several analysts.
The country is considered both a regional power and a middle power, is identified as an emerging global power. Due to its rich culture and history, Mexico ranks first in the Americas and seventh in the world for number of UNESCO World Heritage Sites. Mexico is an ecologically megadiverse country, ranking fourth in the world for its biodiversity. Mexico receives a huge number of tourists every year: in 2018, it was the sixth most-visited country in the world, with 39 million international arrivals. Mexico is a member of the United Nations, the World Trade Organization, the G8+5, the G20, the Uniting for Consensus group of the UN, the Pacific Alliance trade bloc. Mēxihco is the Nahuatl term for the heartland of the Aztec Empire, namely the Valley of Mexico and surrounding territories, with its people being known as the Mexica, it is believed to be a toponym for the valley which became the primary ethnonym for the Aztec Triple Alliance as a result, although it could have been the other way around.
In the colonial era, back when Mexico was called New Spain this territory became the Intendency of Mexico and after New Spain achieved independence from the Spanish Empire it came to be known as the State of Mexico with the new country being named after its capital: the City of Mexico, which itself was founded in 1524 on top of the ancient Mexica capital of Mexico-Tenochtitlan. Traditionally, the name Tenochtitlan was thought to come from Nahuatl tetl and nōchtli and is thought to mean "Among the prickly pears rocks". However, one attestation in the late 16th-century manuscript known as "the Bancroft dialogues" suggests the second vowel was short, so that the true etymology remains uncertain; the suffix -co is the Nahuatl locative, making the word a place name. Beyond that, the etymology is uncertain, it has been suggested that it is derived from Mextli or Mēxihtli, a secret name for the god of war and patron of the Mexica, Huitzilopochtli, in which case Mēxihco means "place where Huitzilopochtli lives".
Another hypothesis suggests that Mēxihco derives from a portmanteau of the Nahuatl words for "moon" and navel. This meaning might refer to Tenochtitlan's position in the middle of Lake Texcoco; the system of interconnected lakes, of which Texcoco formed the center, had the form of a rabbit, which the Mesoamericans pareidolically associated with the moon rabbit. Still another hypothesis suggests that the word is derived from Mēctli, the name of the goddess of maguey; the name of the city-state was transliterated to Spanish as México with the phonetic value of the letter x in Medieval Spanish, which represented the voiceless postalveolar fricative. This sound, as well as the voiced postalveolar fricative, represented by a j, evolved into a voiceless velar fricative during the 16th century; this led to the use of the variant Méjico in many publications in Spanish, most notably in Spain, whereas in Mexico and most other Spanish–speaking countries, México was the preferred spelling. In recent years, the Real Academia Española, which regulates the Spanish l
Finance is a field, concerned with the allocation of assets and liabilities over space and time under conditions of risk or uncertainty. Finance can be defined as the art of money management. Participants in the market aim to price assets based on their risk level, fundamental value, their expected rate of return. Finance can be split into three sub-categories: public finance, corporate finance and personal finance. Matters in personal finance revolve around: Protection against unforeseen personal events, as well as events in the wider economies Transference of family wealth across generations Effects of tax policies management of personal finances Effects of credit on individual financial standing Development of a savings plan or financing for large purchases Planning a secure financial future in an environment of economic instability Pursuing a checking and/or a savings account Personal finance may involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance and saving for retirement.
Personal finance may involve paying for a loan, or debt obligations. The six key areas of personal financial planning, as suggested by the Financial Planning Standards Board, are: Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flows. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time. Household cash flows total up all from the expected sources of income within a year, minus all expected expenses within the same year. From this analysis, the financial planner can determine to what degree and in what time the personal goals can be accomplished. Adequate protection: the analysis of how to protect a household from unforeseen risks; these risks can be divided into the following: liability, death, disability and long term care. Some of these risks may be self-insurable, while most will require the purchase of an insurance contract.
Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance. Business owners, professionals and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance enjoys some tax benefits, utilizing insurance investment products may be a critical piece of the overall investment planning. Tax planning: the income tax is the single largest expense in a household. Managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, which can be used to reduce the lifetime tax burden. Most modern governments use a progressive tax; as one's income grows, a higher marginal rate of tax must be paid. Understanding how to take advantage of the myriad tax breaks when planning one's personal finances can make a significant impact in which can save you money in the long term. Investment and accumulation goals: planning how to accumulate enough money – for large purchases and life events – is what most people consider to be financial planning.
Major reasons to accumulate assets include purchasing a house or car, starting a business, paying for education expenses, saving for retirement. Achieving these goals requires projecting what they will cost, when you need to withdraw funds that will be necessary to be able to achieve these goals. A major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the financial planner will suggest a combination of asset earmarking and regular savings to be invested in a variety of investments. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, which will subject the portfolio to a number of risks. Managing these portfolio risks is most accomplished using asset allocation, which seeks to diversify investment risk and opportunity; this asset allocation will prescribe a percentage allocation to be invested in stocks, bonds and alternative investments.
The allocation should take into consideration the personal risk profile of every investor, since risk attitudes vary from person to person. Retirement planning is the process of understanding how much it costs to live at retirement, coming up with a plan to distribute assets to meet any income shortfall. Methods for retirement plans include taking advantage of government allowed structures to manage tax liability including: individual structures, or employer sponsored retirement plans and life insurance products. Estate planning involves planning for the disposition of one's assets after death. There is a tax due to the state or federal government at one's death. Avoiding these taxes means that more of one's assets will be distributed to one's heirs. One can leave one's assets to friends or charitable groups. Corporate finance deals with the sources of funding and the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, the tools and analysis used to allocate financial resources.
Although it is in principle different from managerial finance which studies the financial management of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms. Corporate f
The Bank of Nova Scotia, operating as Scotiabank, is a Canadian multinational bank. It is the third largest bank in Canada by deposits and market capitalization, it serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management and investment banking. With a team of more than 88,000 employees and assets of $998 billion, Scotiabank trades on the Toronto and New York Exchanges. Founded in Halifax, Nova Scotia in 1832, Scotiabank moved its executive offices to Toronto, Ontario, in 1900. Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions in Latin America and the Caribbean, in Europe and parts of Asia. Through its subsidiary ScotiaMocatta, it is a member of the London Bullion Market Association and one of five banks that participates in the London gold fixing. Scotiabank's Institution Number is 002; the company ranked at number 41 on the SNL Financial World's 100 biggest banks listing, September 2013 and is led by President and CEO Brian J. Porter.
The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1832, in Halifax, Nova Scotia, with William Lawson serving as the first president. Scotiabank was founded in Nova Scotia, in 1832 under the name of The Bank of Nova Scotia; the bank intended to facilitate the trans-Atlantic trade of the time. In 1883, The Bank of Nova Scotia acquired the Union Bank of Prince Edward Island, although most of the bank's expansion efforts in the century took the form of branch openings; the bank launched its branch banking system by opening in Nova Scotia. The expansion was limited to the Maritimes until 1882, when the bank moved west by opening a branch in Winnipeg, Manitoba; the Manitoba branch closed, but the bank continued to expand into the American Midwest. This included opening a branch in Minneapolis in 1885, which transferred to Chicago in 1892. Following the collapse of the Commercial Bank of Newfoundland and Union Bank of Newfoundland on December 10, 1894, The Bank of Nova Scotia established on December 15, 1894, in Newfoundland.
In 1899, Scotiabank opened a branch in Massachusetts. The bank opened a branch in Kingston, Jamaica in 1889 to facilitate the trading of sugar and fish; this was Scotiabank's first move into the Caribbean and the first branch of a Canadian bank to open outside of the United States or the United Kingdom. By the end of the 19th century, the bank was represented in all of the Maritimes, Quebec and Manitoba. In 1900, the bank moved its headquarters to Ontario; the bank continued to expand in the 20th century, although its growth now took the form of acquisitions rather than branch openings. 1906 – The bank opened a branch in Havana, Cuba. By 1931, it had five branches in Havana, one branch each in Camagüey, Cienfuegos and Santiago de Cuba. In 1960, the Government of Cuba nationalized all banks in Cuba, the Scotiabank withdrew services from all eight branches. 1907 – The bank opened a branch in New York City. 1910 – The bank opened a branch in San Juan, Puerto Rico. 1913 – The Bank of Nova Scotia merged with the Bank of New Brunswick.
1914 – Toronto-based Metropolitan Bank was acquired, making Scotiabank the fourth largest financial institution in Canada. 1919 – The bank opened a branch in Fajardo, Puerto Rico, located in Puerto Rico's northeast. 1919 – Bank of Ottawa was amalgamated. 1920 – The bank opened a branch in London, another in Santo Domingo, Dominican Republic. 1961 – The bank became the first Canadian bank to appoint women bank managers on September 11, 1961. 1962 – The bank expanded into Asia with the opening of a Representative Office in Japan. 1975 – The bank adopted "Scotiabank" as its worldwide brand name. 1978 – The bank and Canadian Union of Public Employees signed the first collective agreement between a Canadian bank and a union on September 28, 1978, in Toronto. 1997 – The bank acquired Banco Quilmes in Argentina. 2000 – Scotiabank's stake in Mexican bank Grupo Financiero Inverlat was increased to 55 percent. The Mexican bank was subsequently renamed to Grupo Financiero Scotiabank Inverlat. 2002 – The bank shut its branches in Argentina during the currency crisis and massive sovereign default.
2003 -The bank's Guangzhou Branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency. 2003–2004 – The bank acquired Inverlat banking house in Mexico, taking over all of its branches and establishing a strong presence in the country. 2010 – The bank arrived in Bogotá, Colombia. 2012 - Scotiabank entered into an agreement to acquire ING Direct Bank of Canada from ING Groep N. V. In its early expansion, the bank followed trade and its customers' businesses rather than pursuing a strategy of expansion into international financial centres. Scotiabank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM cards or check cards at certain other banks within the Global ATM Alliance without fees when traveling internationally. Other participating banks are Barclays, Bank of America, BNP Paribas, Deutsche Bank, Westpac. Scotiabank has spent $100 million implementing a controversial system to report to the United States the account holdings of close to one million Canadians of American origin and their Canadian-born spouses.
Scotiabank has been forced to implement this system in order to comply with FATCA. Ac
Insurance is a means of protection from financial loss. It is a form of risk management used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as a policyholder; the insurance transaction involves the insured assuming a guaranteed and known small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship; the insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium.
If the insured experiences a loss, covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing; the Babylonians developed a system, recorded in the famous Code of Hammurabi, c. 1750 BC, practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen, or lost at sea. Circa 800 BC, the inhabitants of Rhodes created the'general average'.
This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether due to storm or sinkage. Separate insurance contracts were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates; the first known insurance contract dates from Genoa in 1347, in the next century maritime insurance developed and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in Enlightenment era Europe, specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses; the devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for'the Insurance Office' in his new plan for London in 1667."
A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the "Insurance Office for Houses," at the back of the Royal Exchange to insure brick and frame homes. 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growing importance as a center for trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house, which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, those willing to underwrite such ventures; these informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. The first life insurance policies were taken out in the early 18th century; the first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.
Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based."In the late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state.
In Britain more extensive legislation was introduced by the Liberal government in the 1911 National Insurance Act. This gave the British working classes the first contributory system of insurance against illness and unemployment; this system was expanded after the Second World War under the inf
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person may have, the term bankruptcy is therefore not a synonym for insolvency. In some countries, such as the United Kingdom, bankruptcy is limited to individuals. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used for cases of fraudulent bankruptcy, whereas the term faillite is used for bankruptcy in accordance with the law; the word bankruptcy is derived from Italian banca rotta, meaning "broken bench", which may stem from a widespread custom in the Republic of Genoa of breaking a moneychanger's bench or counter to signify their insolvency, or which may be only a figure of speech. In Ancient Greece, bankruptcy did not exist.
If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years. However, servants of the debtor could be retained beyond that deadline by the creditor and were forced to serve their new lord for a lifetime under harsher conditions. An exception to this rule was Athens; the Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency. Bankruptcy is documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. A failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we catalog the various defaults of France, Prussia and the early Italian city-states.
At the edge of Europe, Egypt and Turkey have histories of chronic default as well." The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business. For private households, some argue that it is insufficient to dismiss debts after a certain period, it is important to assess the underlying problems and to minimize the risk of financial distress to re-occur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be provided during this period of rehabilitation. In most EU Member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior.
In the United States, discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system; the Other Member States do not provide the option of a debt discharge. Spain, for example, passed a bankruptcy law in 2003 which provides for debt settlement plans that can result in a reduction of the debt or an extension of the payment period of maximally five years, but it does not foresee debt discharge. In the US, it is difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Unlike most other debts, those student loans may be discharged only if the person seeking discharge establishes specific grounds for discharge under the Brunner test, under which the court evaluates three factors: If required to repay the loan, the borrower cannot maintain a minimal standard of living. If a debtor proves all three elements, a court may permit only a partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt.
Bankruptcy fraud is a white-collar crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, fee fixing or redistribution arrangements. Falsifications on bankruptcy forms constitute perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U. S. bankruptcy fraud statutes are focused on the mental state of particular actions. Bankruptcy fraud is a federal crime in the United States. Bankruptcy fraud should be distinguished from strategic bankruptcy, not a criminal act since it creates a real bankruptcy state. Howeve