High Court Says Concealment of Assets Can Take Away Important Right in Bankruptcy

Pete Yost The Associated Press February 22, 2007 - The Supreme Court ruled Wednesday that a financially troubled small-business man gave up an important right under the federal bankruptcy code because he failed to disclose all of his assets as the law requires. In a 5-4 decision, the Court said Robert Marrama of Gloucester, Mass., could not convert his bankruptcy case from one chapter of the code to another, as the law ordinarily allows. The reason, the Court said, stemmed from his failure … [Read more...]