Judge had to pick tracing method in bankruptcy case

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted March 25, 2022 11:03 AM

Bankruptcy Judge Deborah L. Thorne had to pick one of four tracing methods — LIB, LIFO, FIFO or pro rata — when deciding whether Sec. 523(a)(2)(A) of the Bankruptcy Code blocked Spero A. Poulos from obtaining a discharge of a $149,000 debt allegedly owned to Republic Bank of Chicago.Section 523(a)(2)(A) provides an exception to dischargeability for “any debt for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by false pretenses, a false representation, or actual fraud …

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