Desmond v. Varrasso (In Re Varrasso)
Court of Appeals for the First Circuit
1Opinion of the Court
SELYA, Circuit Judge.
In this ease, the bankruptcy court entered a summary judgment sustaining the trustee’s objection to the debtors’ discharge. The district court affirmed. Because we find that the courts below grasped for the blossom though only the bud was ready, we vacate the judgment.
I
Background
Appellants Peter and Mildred Varrasso, husband and wife (collectively, the debtors), participated in several speculative real estate ventures. Like many others similarly situated, they encountered financial distress when the real estate boom sputtered and fizzled. Sporting over $5,000,000 in debt…
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