New Cases For the Week of March 18, 2002 -
March 2, 2002
Brought to you by BKINFORMATION.COM
- The Source for Business Bankruptcy Information on the Internet
March
22, 2002
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Case
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Court
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Holding
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Union
Bank v. Connors
(DBN Subscription Required) |
7th Cir. |
At
risk of denial of discharge, a debtor is required to keep and
maintain enough information to ascertain the debtor's
financial condition and track his financial dealings with
substantial completeness and accuracy for a reasonable period
past to present.
Mere production of bank statements and
cancelled checks sometimes does not satisfy this requirement.
Neither the court nor a creditor is required to reconstruct a
debtor's financial situation by sifting through a morass of
checks and bank statements. It is the debtor's duty to
maintain and provide the court with organized records of its
financial dealings. Particularly where debtors are
sophisticated in business, and carry on a business involving
significant assets, creditors have an expectation of greater
and better record keeping. |
In
re Nelson
(DBN Subscription Required) |
8th Cir. |
The
bankruptcy court erred in holding that a debtor's interest in
an ERISA-qualified pension plan was property of the estate
when the debtor had acquired the interest as an alternate
payee under a QDRO rather than as the original
employee/beneficiary. |
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March
19, 2002
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Case
|
Court
|
Holding
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In
re Troutman Enterprises
(DBN Subscription Required) |
6th Cir. |
Shareholders
of a debtor lacked appellate standing to contest the
bankruptcy court's ruling regarding a life insurance policy
owned by the corporate debtor. |
Canney
v. Merchants Bank
(DBN Subscription Required) |
2d Cir. |
11
USC § 108(b), not § 362(a), governs the tolling of a period
of equitable redemption. Because the redemption period lapsed
without redemption, neither the debtor nor the bankruptcy
trustee has a legally cognizable right or interest in the
property that justifies encumbrance by the federal bankruptcy
laws. |
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