I should know this one but i have no idea what indy driver this
legal case was about. can anyone help out?
The debtor in the case was financially destitute. He filed a Chapter 7 case seeking a discharge from his debts. He had no assets and no regular income. As of the petition date, he qualified for bankruptcy relief according to anyone's standard, means tested or otherwise.
The peculiar wrinkle of the case comes from what happened the day after he filed for bankruptcy. His services were engaged to drive a car in an event known as the Indianapolis 500 car race. To his amazement, and to the amazement of his friends and especially his creditors, he won the race. His success was richly rewarded in both praise and monetary remuneration. In short, he was now able to pay all of his debts in full. The question presented to the Bankruptcy Court was whether the events on the day following the filing of his bankruptcy case were of any consequence to the question of whether he should receive a discharge. The case concluded that those events were not relevant. Instead, the debtor's circumstances on the day he filed for bankruptcy determined his eligibility for a discharge. Further, his assets on that day, and not the day following, were the sole property of the bankruptcy estate. There was nothing for the trustee to liquidate. There was no section 707(b) remedy to the creditors. In short, the case stood for the proposition that the die is cast on the day of the filing of the case. Subsequent events are considered to be a part of the debtor's new life, his so called "fresh start."