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Chapter 7 Debtors Engaged in Business Must Produce Records

Posted by attorney Peter Geraci

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11 U.S. C. 727 (a)(3) A debtor may be denied a discharge for failure to keep books and records. Debtors must produce records which prived creditors with enough information to axcertain the debtor's financial condition and track his financial dealings with substantial completeness and accuracy for a reasonable period past to present. see In re Martin 141 B.R. 986, 995 (Bankr. N.D. Ill 1992)

See 04 B 47448 and 04 B 47450 (Bankr ND IL 2006) Judge Black: In a business case filed by an attorney who only occasionaly did any banrkuptcy work, and submitted no evidence in opposition to the U.S. Trustee's motion to dismiss, the Court held that a business debtor with only checking account records may be denied

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