Facts
On March 11, 2003, Robert Marrama filed a voluntary bankruptcy petition under Chapter 7, thereby creating an estate consisting of all his property “wherever located and by whomever held.” Respondent Citizens Bank of Massachusetts was the principal creditor.
In his petition, Marrama made a number of statements about his house in Maine that were misleading or inaccurate. While he disclosed that he was the sole beneficiary of the trust that owned the property, he listed its value as zero. He also denied that he had transferred any property other than in the ordinary course of business during the year preceding the filing of his petition. Neither statement was true. In fact, the Maine property had substantial value, and Marrama had transferred it into the newly created trust for no consideration seven months prior to filing his Chapter 13 petition. Marrama later admitted that the purpose of the transfer was to protect the property from his creditors.
Read more about this topic: Marrama V. Citizens Bank Of Massachusetts
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