June 4, 2018 / 11:30 PM / 6 months ago

Supreme Court's ruling reminds creditors to get it in writing

A deceptive comment about a tax refund by a businessman qualified as a statement on his financial condition and allows him to discharge his debt in bankruptcy, the U.S. Supreme Court held on Monday in a decision underscoring the need for creditors to get information in print.

Writing for the court, Justice Sonia Sotomayor said what a debtor tells a creditor about a single asset may paint a picture about the ability to repay a debt. In addition, she said a creditor would do well to get that in writing to later contest efforts to discharge debt.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2xJcdU2

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