How have courts dealt with a loss of assets under section 727(a)(5) of the Bankruptcy and Insolvency Act?
MultiRegion, United States of America
The following excerpt is from In re Handel, 266 BR 585 (Bankr. S.D.N.Y. 2001):
In a similar case, the debtor attempted to explain a loss of assets by claiming that many of the assets listed previously in a financial statement were in fact his wife's. These assets included a living trust, jewelry, real estate, and a Corvette. Just like the Defendant, the debtor could provide no documentation to substantiate his claims. The court found his explanation unsatisfactory and denied him a discharge under 727(a)(5). See BancFlorida v. DePasquale, 1993 WL 410152, *4-5 (N.D.Ill.).
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