TI Federal Credit Union v. Delbonis (In Re Delbonis)

MEMORANDUM AND ORDER

LINDSAY, District Judge.

“What profit hath a man of all his labor which he taketh under the sun?” 1 In this case, the court considers whether members of a federal credit union join together for the purpose of making a profit of their labor.

This is an appeal from an order of Judge Hillman of the Bankruptcy Court granting summary judgment to John Carl Delbonis, the debtor, appellee in this court. 2 Judge Hillman ruled that the appellant federal credit union is not a nonprofit institution, and that 11 U.S.C. § 523(a)(8), therefore, does not preclude discharge of a debt…