The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law.
Minnesota Bankruptcy Case:
Olson v. Ingram (In re Ingram), ADV 08-3168 (Bankr. D. Minn. 9/21/09) (O’Brien, J.).
Prepetition Transfers Result in Denial of Discharge
Shortly before filing his bankruptcy petition, Ingram made a number of transfers to family members and friends. He also failed to disclose a number of assets on his original petition and schedules. Olson, a creditor, objected to his discharge under 11 U.S.C. § 727. On Olson’s motion for summary judgment, the court held that the record unequivocally established the elements of fraudulent transfer, and noted that there was “no shortage of badges of fraud to associate with these transactions.” The court found that Ingram had not come forward with any viable defense and that there was no genuine troversy of material fact. The only interpretation of the record was that Ingram made multiple transfers with the intent to hinder, delay and defraud his creditors and therefore the denial of his discharge was warranted under 11 U.S.C. § 727(a)(2)(A). In addition,the court denied Ingram’s discharge under 11 U.S.C. § 727(a)(4) as a result of numerous material omissions of assets from his schedules.
Credit: The preceding was a summary of a case relevant to Minnesota bankruptcy law. The case summary was prepared by the U.S. Bankruptcy Court through Judge Robert J. Kressel & attorney Faye Knowles.