Norwest Bank Nebraska v. Tveten
United States Court of Appeals for the Eighth Circuit
848 F.2d 871 (1988)
Relevant factsFree
After incurring massive personal-guarantee debts from failed real estate investments, Tveten consulted an attorney and, through 17 pre-bankruptcy transactions, converted roughly $700,000 of nonexempt property into an unlimited Minnesota fraternal-benefit exemption before filing Chapter 11 and seeking discharge of over $18.9 million in debt.
IssueFree
Whether it is extrinsic evidence of intent to defraud if a debtor, on the eve of bankruptcy, converts nonexempt property into exempt property in a manner that demonstrates abuse of bankruptcy laws.