A Chapter 7 debtor’s fraud—intentionally misleading a credit union when purchasing a boat from a dealership he owned—means he can’t wipe out the debt in bankruptcy, the U.S. Bankruptcy Court for the Eastern District of Tennessee held.
Brett W. Houghton told Knoxville TVA Employees Credit Union that he would be purchasing a boat financed by a loan from the credit union. But Houghton never planned to purchase the boat, Chief Judge Marcia Phillips Parsons wrote Dec. 13.
Houghton claimed he had previously done the same type of loan for a tractor and other boats, but that didn’t save him from ...
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