Lies, lies, lies – debtor loses discharge for misrepresenting art value

Sonoma County and North Bay folks — indeed, everyone – considering bankruptcy might take a moment to consider what happened to one debtor who lied on his petition. Sydney Peters was an art dealer who lied on his Chapter 7 bankruptcy petition. As personal property, he listed "art" and said he had about sixteen pieces worth more than $2,500. He didn't describe the art or provide any details about it. His statement (it's a sworn statement under penalty of perjury) was a lie. The trustee's investigation ultimately found the art consisted of paintings, serigraphs, and other reproductions. In denying the discharge, the Texas Bankruptcy Court found that Peters was an art dealer who had knowledge of the market value of his art, and that even if he didn't intentionally misstate the value of the art …

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