United States Bankruptcy Court for the Northern District of Illinois
419 B.R. 42 (2009)
The Deutschers (plaintiffs) filed for chapter 7 bankruptcy in 2008 with over $300,000 in secured debt and $60,000 in unsecured debt. Over half of the secured debt was owed on a yacht the Deutschers purchased in 2007. The Deutschers had incurred additional debts of $11,000 from the purchase of a boat and $30,000 from the purchase of a luxury automobile within the six months prior to filing. Mr. Deutscher claimed to be unemployed during the periods these purchases were made. The chapter 7 trustee filed a motion to dismiss the Deutschers’ petition.
Rule of Law
Holding and Reasoning (Barbosa, J.)
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