Bankruptcy fraud is a federal offense. If the court should decide that along with financial restitution to also pursue criminal charges he/she could be facing a felony.

http://www.lawyershop.com/practice-areas/criminal-law/white-collar-crimes/bankruptcy-fraud

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Bankruptcy Fraud Punishments

Bankruptcy fraud, a felony, carries a sentence of a fine of up to $250,000 and/or five years in prison. Defendants will be booked according to standard criminal procedure and will have the opportunity to retain a criminal law attorney.


As well as possible loss of certain rights and privledges if convicted.

http://www.smithkramerlaw.com/Article_Consequences-of-a-Federal-Felony-Conviction.asp