ACFE CFE-Law Exam - Topic 1 Question 20 Discussion

Actual exam question for ACFE's CFE-Law exam

Question #: 20
Topic #: 1

[All CFE-Law Questions]

The MOST COMMON bankruptcy fraud scheme is:

AForged filing

BA planned bustcut

CA credit card bustout

DConcealment of assets

Show Suggested Answer

Suggested Answer: D

by Marti at Jul 09, 2023, 09:16 AM

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Miss

8 months ago

Forged filings are also a big problem, though.

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Julio

8 months ago

A planned bustout sounds risky but interesting!

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Nadine

8 months ago

Wait, are we sure about that? Seems too obvious.

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Toi

9 months ago

Totally agree, it's definitely the biggest issue.

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Ramonita

9 months ago

I heard concealment of assets is super common.

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Arlean

9 months ago

I remember discussing credit card bustouts in class, but I thought concealment of assets was more prevalent overall.

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Mila

9 months ago

I feel like forged filings are pretty serious, but I can't recall if they are the most frequent type of fraud.

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Crista

9 months ago

I practiced a question similar to this, and I think the planned bustout was mentioned as a common scheme. Not sure if that's the answer here though.

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Stevie

10 months ago

I think I remember that concealment of assets is a big issue in bankruptcy fraud, but I'm not entirely sure if it's the most common.

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Veronica

10 months ago

Hmm, this looks like a tricky one. I'll need to carefully analyze the service file details to determine the best approach.

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Timmy

10 months ago

This seems like a straightforward question. The supplier is advising customers to install an older version of the application as a temporary fix, which is a classic example of a workaround.

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Gaston

10 months ago

Process models could be a good option, as they can provide a clear understanding of the organization's workflows. But I'm not sure if that's the most relevant artifact for this particular request.

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Devon

10 months ago

I feel like we practiced a similar question about certificate lengths, and wasn't D somehow a valid reason but not necessarily related to the format?

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Ernest

1 year ago

Definitely gotta go with D) Concealment of assets. Hiding your money before going bankrupt is the oldest trick in the book.

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Daisy

1 year ago

D) Concealment of assets is the correct answer. Although I'm more curious about this 'planned bustcut' option. Sounds like a party trick gone wrong.

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Han

1 year ago

A) Forged filing? That's some serious forgery skills. I bet the fraudsters have great penmanship.

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Novella

1 year ago

D) Concealment of assets? That seems like a common tactic in fraud schemes.

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Willard

1 year ago

C) A credit card bustout? That sounds like a quick way to get caught.

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Magnolia

1 year ago

B) A planned bustcut? Sounds like a risky move.

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Johnathon

1 year ago

A) Forged filing? That's some serious forgery skills. I bet the fraudsters have great penmanship.

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Lawrence

1 year ago

A credit card bustout sounds risky. They must rack up a lot of debt quickly.

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Cherilyn

1 year ago

I think concealment of assets is also a common scheme. They try to hide their money to avoid paying debts.

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Lorenza

1 year ago

Yeah, forged filing is a serious crime. They must be really good at faking documents.

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Shalon

1 year ago

I'm not too familiar with bankruptcy fraud, but C) A credit card bustout sounds like a fun way to get in trouble.

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Quinn

1 year ago

Rashad: Oh, I had no idea. Thanks for the info!

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Rashad

1 year ago

User 2: D) Concealment of assets is actually the most common bankruptcy fraud scheme.

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Amber

1 year ago

User 1: C) A credit card bustout does sound tempting, but it's definitely illegal.

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Mila

1 year ago

D) Concealment of assets seems like the most logical answer here. Hiding assets is a classic bankruptcy fraud tactic.

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Shayne

1 year ago

Yes, hiding assets can make it difficult for creditors to collect what they are owed.

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Cherelle

1 year ago

I agree, concealing assets is a common way people commit bankruptcy fraud.

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Hassie

1 year ago

I'm not sure, but I think forged filing could also be a common bankruptcy fraud scheme because it's easy to fake documents.

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Edmond

1 year ago

I disagree, I believe it's concealment of assets because it's easier to hide assets than to commit credit card fraud.

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Marleen

1 year ago

I think the most common bankruptcy fraud scheme is a credit card bustout.

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Lewis

1 year ago

I'm not sure, but I think forged filing could also be a common bankruptcy fraud scheme because it's easy to fake documents.

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Carissa

1 year ago

I disagree, I believe it's concealment of assets because it's easier to hide assets than to commit credit card fraud.

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Hector

1 year ago

I think the most common bankruptcy fraud scheme is a credit card bustout.

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