Federal 7th Circuit Court
Civil Court
Bankruptcy
Bankruptcy Ct. did not err in granting Trustee's objection to discharge of debtor's debts under 11 USC section 727(a)(4) after finding that debtors had reckless disregard for truth when making several omissions about estate assets in bankruptcy petition. Record showed that debtors misstated gross income on tax return, failed to disclose interests in two defunct businesses, as well as in two limited partnerships, and failed to disclose receipt of $90,000 in refinance proceeds on their home. Moreover, Bankruptcy Ct. could properly find that said failures were material and reckless given debtors' post-secondary education and business experience. Fact that debtors had amended bankruptcy petition to correct said omissions did not require different result.