MEMORANDUM OPINION

NORMAN K. MOON, District Judge.

The instant "action seeking enforcement of rescission of a refinance mortgage credit transaction pursuant to the federal Truth-in-Lending Act" ("TILA") was filed here on September 19, 2011. On May 31, 2012, all proceedings in this matter were stayed pending the conclusion of bankruptcy proceedings against the defendants. In January of this year, defendant J.P. Morgan Mortgage Acquisition Corporation ("J. P. Morgan," or "Morgan," or "Defendant") filed a motion for relief from stay in the United States Bankruptcy Court for the Southern District of New York. In February, the Bankruptcy Court granted the motion, allowing Plaintiff's claims against Morgan to proceed, but continuing the stay with respect to the claims against defendant GMAC Mortgage Corporation LLC ("GMAC"). On April 2, 2013, United States Magistrate Judge B. Waugh Crigler granted Morgan's unopposed motion to lift stay and bifurcate claims in this court, and the matter is now before me upon consideration of Morgan's motion to dismiss it as a defendant in this case pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure.

The parties have fully briefed the motion and their arguments have been heard. For the reasons discussed below, I will grant Morgan's motion.1

I.

A.

Plaintiff and his wife, Adrienne Canterbury, own and reside in a home located at 2447 Springer Run Road in Gordonsville, Virginia (the "Property"). On August 31, 2007, Plaintiff entered into a refinance credit transaction with GMAC. The credit transaction was evidence by a note (the "Note") in the principal amount of $1,027,446, and was secured by a deed of trust (the "Deed of Trust") on the Property. The Deed of Trust was signed by both of the Canterburys.

The crux of the complaint is Plaintiff's allegation that, at the closing table, the Canterburys were shown copies of the notice of their right to cancel, and that they signed a copy of the notice that stated that they had received their own copies of the notice, but that they were not, in fact, given a copy of the notice of the right to cancel to take with them from the closing table.

Plaintiff admits, however, in his opposition to Defendant's first motion to dismiss,2 that he later received a copy of the notice in the mail. He does not specify when he received it, but he does, in fact, admit having received a copy of the notice in the mail.

Plaintiff claims that,

Plaintiff now claims that, because of this alleged TILA violation, he can now, many years later, avoid foreclosure by rescinding his refinance credit transaction — after having gone through bankruptcy (without asserting any such claim or right in the bankruptcy proceeding) and after having fully litigated (and lost) a prior lawsuit seeking to prevent Morgan, the Note holder, from foreclosing on the Property. And, although Plaintiff admits that he does not have the necessary funds to repay the loan proceeds, Plaintiff asks the court to equitably alter the timing of TILA's tender requirement to allow Plaintiff time to sell his house in the purported hope that he can raise enough funds for the tender.3

In support of this request, Plaintiff states in one paragraph of his complaint that the Property has an assessed value of $1.6 million; in the subsequent paragraph, Plaintiff states that the home has an assessed value of $2.5 million. However, neither figure is close to the low figure Plaintiff cited in his 2009 bankruptcy petition.

On March 11, 2009, eighteen months after the Canterburys refinanced their house, Plaintiff filed a voluntary petition for bankruptcy under Chapter 7 of the Bankruptcy Code. See In re Canterbury, Case No. 09-60752 (W.D.Va. Bankruptcy March 11, 2009) (voluntary petition attached as Exhibit A to Defendant's memorandum in support of the instant motion, docket no. 52). In the petition, Plaintiff stated that the Property at 2447 Springer Run Road was subject to a claim secured by a first Deed of Trust that was serviced by EMC Mortgage Corporation (which was the loan servicer for Morgan). Although Schedule D instructed Plaintiff to identify debts as contingent or disputed, Plaintiff did not identify the Deed of Trust or the underlying debt as contingent or disputed.

Plaintiff stated that the amount of the debt was $1,027,445.99, claiming that the value of the Property was only $788,800.00, and that, therefore, $238,645.99 of the debt was unsecured. Additionally, Plaintiff owed $249,562.33 on a second mortgage on the Property; therefore, according to Plaintiff's bankruptcy petition, he owed a combined $488,208.32 more in debt than the Property was worth.

On his Schedule B, Plaintiff was required to list all of his personal property, including "other contingent and unliquidated claims of every nature, including tax refunds, counterclaims of the debtor, and rights to setoff claims." Plaintiff did not list any claims against GMAC or J.P. Morgan. Nor did Plaintiff's bankruptcy petition mention any violation of the Truth in Lending Act or reference his alleged right to rescind the Note or Deed of Trust.

During Plaintiff's bankruptcy proceeding, J.P. Morgan c/o EMC Mortgage Corporation filed a Motion for Relief from Stay in order to proceed with foreclosure of Plaintiff's Property. Morgan averred that Plaintiff had been in default since August 1, 2008, and then owed over $1,089,511.32 under the Note and Deed of Trust. Plaintiff did not respond, and the Bankruptcy Court granted the Motion for Relief from Stay on April 17, 2009.

On April 14, 2009, the Chapter 7 Trustee issued a report which stated that $0.00 of the bankruptcy estate's assets were abandoned to Plaintiff. Plaintiff's bankruptcy was discharged on June 15, 2009.

B.

As previously noted, on April 13, 2010, Plaintiff filed a complaint against Morgan in the Circuit Court for Albemarle County. See Canterbury v. J.P. Morgan Mortgage Acquisition Corp., Case CL10-283 (Cir. Ct. Albemarle County) ("Canterbury I"). Plaintiff alleged that he had entered into a mortgage loan with GMAC, which was evidenced by a Note and secured by a Deed of Trust on the Property at 2447 Springer Run Road in Gordonsville. Plaintiff's lawsuit sought to enforce a provision of the Deed of Trust requiring certain notice to be given prior to foreclosure, and it further challenged Morgan's ability to foreclose pursuant to the Deed of Trust, despite the fact that Plaintiff admitted that he was in default.

On August 30, 2010, Plaintiff filed another complaint against GMAC and J.P. Morgan to prevent foreclosure based on alleged violations of TILA. See Canterbury v. J.P. Morgan Mortgage Acquisition Corp. et al., Civil Action No. 3:10-cv-00048 (W.D.Va.) ("Canterbury II"). After failing to serve the complaint, Plaintiff filed a notice of voluntary dismissal on March 7, 2011.

On October 18, 2010, Canterbury I was removed to this court. See Canterbury v. J.P. Morgan Mortgage Acquisition Corporation, Civil Action No. 3:10-cv-00054 (W.D.Va.). On March 30, 2011, I granted Defendants' Motion to Dismiss Canterbury I with prejudice, and thereafter I entered a final judgment dismissing Plaintiff's claims with prejudice. In granting the Motion to Dismiss with prejudice, I observed that I had offered Plaintiff an opportunity to amend his complaint to state a viable theory of relief to avoid foreclosure, but that Plaintiff had failed to do so. I explained that

Accordingly, Plaintiff's action against Morgan was dismissed with prejudice. Plaintiff did not appeal this final judgment.

On August 18, 2011, Adrienne L. Canterbury, Plaintiff's wife, filed another complaint in the Circuit Court for Albemarle County against J.P. Morgan regarding the Property and Defendant's ability to foreclose. See Canterbury v. J.P. Morgan Acquisition Corporation, Case No. CL11000554-00 (Va.Cir.Ct. Albemarle County) ("Canterbury III"). Defendant filed a Demurrer and Plea in Bar seeking the dismissal of Canterbury III based on res judicata. Thereafter, Mrs. Canterbury filed a motion for non-suit, which was granted on December 1, 2011.

C.

On September 19, 2011, Plaintiff filed in this court the instant action against GMAC and Morgan, alleging that GMAC violated TILA by not causing copies of the notice of right to cancel to be delivered to Plaintiff at the closing table in 2007 and therefore seeking rescission of Plaintiff's 2007 refinancing credit transaction. As previously noted, Defendants filed motions to dismiss, but before those motions to dismiss were heard, the case was stayed, on May 31, 2012, pending the conclusion of GMAC's bankruptcy, and I denied Defendants' motions to dismiss without prejudice to their right to file new motions to dismiss when the stay had been lifted.

On April 2, 2013, I granted Morgan's Motion to Lift Stay and Birfurcate Claims, and the instant motion followed.

II.

Under Rule 12(b)(6), a cause of action may be dismissed for "failure to state a claim upon which relief may be granted." The court must accept as true any factual allegations contained in the complaint, though it need not accept legal conclusions; to survive a motion to dismiss, a complaint must provide sufficient facts that, if accepted as true, "state a claim to relief that is plausible on its face." Ashcroft v. Iqbal, 556 U.S. 662, 678, 129 S.Ct. 1937, 173 L.Ed.2d 868 (2009) (quoting Bell Atlantic Corporation v. Twombly, 550 U.S. 544, 570, 127 S.Ct. 1955, 167 L.Ed.2d 929 (2007)). Facial "plausibility" lies on a spectrum between possibility and probability, and it is established when the court is able to draw a reasonable inference that the defendant may be liable for the conduct alleged. Id. The complaint need not include detailed factual allegations, but the factual allegations must be more than a formulaic recitation of the elements of a cause of action and must raise a plausible right to relief above the speculative level. Id.

A court can consider documents that are integral to and relied on in the complaint without converting the motion to one for summary judgment. Johnson v. Portfolio Recovery Associates, LLC, 682 F.Supp.2d 560, 568 (E.D.Va.2009); see also Secretary of State for Defence v. Trimble Navigation Ltd., 484 F.3d 700, 705 (4th Cir.2007) (a court may consider documents attached to the complaint as well as those attached to the motion to dismiss, so long as they are integral to the complaint and authentic) (citation omitted). When a plaintiff fails to introduce a pertinent document as part of his complaint, the defendant may attach the document to a motion to dismiss, and a court may consider the same without converting the motion to one for summary judgment. Id. Furthermore, "a court may consider official public records, documents central to plaintiff's claim, and documents sufficiently referred to in the complaint so long as the authenticity of these documents is not disputed." Witthohn v. Fed. Ins. Co., 164 Fed.Appx. 395, 396 (4th Cir. 2006) (unpublished); see also Gasner v. County of Dinwiddie, 162 F.R.D. 280, 282 (E.D.Va.1995) (permitting district court to take judicial notice of public documents, such as court records, even when the documents were neither referenced by nor integral to plaintiff's complaint).

At the hearing regarding this motion, I confirmed with the parties that the judicial records introduced by Morgan in support of its motion are undisputed and that there is no reason the instant motion should be converted to one for summary judgment.

III.

A.

Given the final judgment in Canterbury I, Plaintiff's instant lawsuit is barred by the doctrine of res judicata. Indeed, and as previously noted, the only difference between this case and Canterbury I is that, in Canterbury I Plaintiff sought to enforce certain provisions of the Deed of Trust, and in the instant case he seeks to rescind it. In other words, Plaintiff's legal theory has flipped, but the two suits are based on the same transactions or occurrences.

Under the doctrine of res judicata, or claim preclusion, "[a] final judgment on the merits of an action precludes the parties or their privies from relitigating issues that were or could have been raised in that action." Federated Dep't Stores, Inc. v. Moitie, 452 U.S. 394, 398, 101 S.Ct. 2424, 69 L.Ed.2d 103 (1981) (emphasis added); Brown v. Felsen, 442 U.S. 127, 131, 99 S.Ct. 2205, 60 L.Ed.2d 767 (1979). By precluding parties in a subsequent proceeding from raising claims that were or could have been raised in a prior proceeding, "[r]es judicata ... encourages reliance on judicial decisions, bars vexatious litigation, and frees the courts to resolve other disputes." Brown, 442 U.S. at 131, 99 S.Ct. 2205.

The following elements must be present for res judicata to apply: (1) a final judgment on the merits in a prior suit; (2) an identity of the cause of action in both the earlier and the later suit; and (3) an identity of parties or their privies in the two suits. Nash County Bd. of Educ. v. Biltmore Co., 640 F.2d 484, 486 (4th Cir.1981). Here, the first element of res judicata clearly has been met, because Canterbury I was dismissed with prejudice and therefore constitutes a final judgment, and the third element has likewise been clearly met, because J.P. Morgan and Plaintiff were the parties in Canterbury I.

The second element has also been met because, although Plaintiff did not assert a claim for rescission or TILA violation in Canterbury I, Plaintiff could have done so, and Plaintiff's current lawsuit arises out of the same transaction or series of transactions as the claims in Canterbury I. The United States Court of Appeals for the Fourth Circuit has adopted the transactional approach to determining whether there is an identity of claims. "[T]he appropriate inquiry is whether the new claim arises out of the same transaction or series of transactions as the claim resolved by the prior judgment." Keith v. Aldridge, 900 F.2d 736, 740 (4th Cir.1990) (quoting Harnett v. Billman, 800 F.2d 1308, 1313 (4th Cir.1986)). "Res judicata precludes the litigation by the plaintiff in a subsequent action of claims `with respect to all or any part of the transaction, or series of transactions, out of which the [first] action arose.'" Harnett, 800 F.2d at 1314 (quoting Restatement (Second) Judgments § 24(1) (1982)). As the Fourth Circuit explained in Harnett,

800 F.2d at 1314.

Res judicata applies even though the claims asserted in the first suit are different than the claims asserted in the second suit, so long as they arise out of the same transaction or series of transactions. As explained by the Fourth Circuit:

Pueschel v. U.S., 369 F.3d 345, 355 (4th Cir.2004) (quoting Kale v. Combined Ins. Co. of Am., 924 F.2d 1161, 1166 (1st Cir. 1991)).

Application of these principles demonstrates that Plaintiff's present lawsuit is barred by res judicata because it is based on the same transactions or series of transactions as in Canterbury I. Both cases involve the same 2007 refinancing credit transaction, the same Note, the same Deed of Trust, and the same Property at 2447 Springer Run Road in Gordonsville. And, significantly, both cases were brought for the same purpose of preventing (or delaying) J.P. Morgan's foreclosure of the Property.

As I have already observed, the primary difference between this case and Canterbury I is that, in Canterbury I, Plaintiff sought to enforce certain provisions in the Deed of Trust, and in the present lawsuit, Plaintiff seeks to rescind the Deed of Trust. The flip-flop in Plaintiff's legal theory simply underscores the obviousness that the two lawsuits are based on the same transaction or series of transactions. The Canterburys may (or may not) have had strategic reasons for splitting their claims into multiple lawsuits, but litigation creates the risk that a final judgment in one case could constitute res judicata in another action. See Federated Dep't Stores, 452 U.S. at 398, 101 S.Ct. 2424 ("[a] final judgment on the merits of an action precludes the parties or their privies from relitigating issues that were or could have been raised in that action" (emphasis added)); Brown v. Felsen, 442 U.S. at 131, 99 S.Ct. 2205 (res judicata bars previously available claims "regardless of whether they were asserted or determined in the prior proceeding" (emphasis added)); Aliff v. Joy Mfg. Co., 914 F.2d 39, 43 (4th Cir.1990) ("[a] prior judgment on the merits binds the parties `not only as to every matter which was offered and received to sustain or defeat the claim or demand, but [also] as to any other admissible matter which might have been offered for that purpose" (emphasis added)).

B.

Plaintiff points out that he filed a separate lawsuit, Canterbury II, in this court on August 30, 2010, against Morgan and GMAC, challenging foreclosure on the Property based on an alleged rescission under TILA. Canterbury II was filed after Canterbury I was initiated in state court but before Canterbury I was removed to this court on October 18, 2010. On October 20, 2010, Defendant filed a motion in Canterbury I to have Canterbury II consolidated with Canterbury I, but by memorandum opinion and order of December 20, 2010, I declined to consolidate them because the TILA complaint, Canterbury II, included a defendant, GMAC, who was not a party to Canterbury I. I specifically observed that "Federal Rule of Civil Procedure 42(a) permits the court to consolidate two actions if they `involve a common question of law or fact'" and that the two "cases involve common questions of fact," but that I saw "no compelling reason for formal consolidation" and that, "[a]lthough I [denied] Defendant's motion," I would "work with the parties to try" the two cases "simultaneously." (As I have already observed, Plaintiff failed to serve the complaint in Canterbury II, and the case was dismissed pursuant to a notice of voluntary dismissal filed by Plaintiff on March 7, 2011.)

Plaintiff does not dispute that, on March 30, 2011, I dismissed Canterbury I with prejudice. Plaintiff does not dispute that Canterbury I involved the same 2007 credit refinancing transaction, deed of trust, note, and property that are at issue in the instant complaint. Plaintiff does not dispute that, at the time I entered final judgment in Canterbury I, his TILA claim had already accrued. Rather, Plaintiff argues that, because I declined to consolidate the two cases and Plaintiff subsequently dismissed his TILA claim, the TILA claim is exempt from res judicata. But the standard of a court's discretion regarding the consolidation of two separately filed cases is not the standard for determining res judicata. And, when I declined to consolidate the cases, I specifically observed that they involved common questions of fact and that they were similar enough to warrant trying simultaneously. That observation underscores that the instant TILA claim is part of the same transaction or series of transaction that were presented in Canterbury I. See, e.g., Pittston Co. v. U.S., 199 F.3d 694, 704 (4th Cir.1999) (for the purpose of determining claim preclusion, "[a]mong the factors to be considered in deciding whether the facts of the current and prior claims `are so woven together' that they constitute a single claim `are their relatedness in time, space, origin, or motivation, and whether, taken together, they form a convenient unit for trial purposes'" (emphasis added; citations omitted)).

This is not the first case where a delinquent borrower has attempted to use multiple causes of action to delay foreclosure. But where there has been a final judgment in one of multiple actions brought by a borrower, courts have applied res judicata to bar parallel and subsequent litigation. See, e.g., Blick v. Long Beach Mortg. Loan Trust 2005-WL3, Civil Action No. 3:13-cv-00002, 2013 WL 1319369 (W.D.Va. March 29, 2013) (dismissing subsequent lawsuit brought by borrower challenging foreclosure based on the same and additional claims as espoused in the original lawsuit); Rose v. JP Morgan Chase Bank, N.A., 835 F.Supp.2d 1014 (D.Or.2011) (debtor's prior adversary claim against bank involved same claim or claims as raised in wrongful foreclosure action, and thus res judicata doctrine applied to bar the subsequent action, even though the legal theories were different). That Plaintiff voluntarily dismissed his TILA complaint prior to final judgment in Canterbury I does not exempt the TILA claim from preclusion. Res judicata bars all claims arising out of the same transaction whether or not those claims were in fact brought or asserted in the earlier lawsuit. See Martin-Bangura v. Va. Dept. of Mental Health, 640 F.Supp.2d 729, 738 (E.D.Va.2009) (res judicata bars not only claims that were in fact brought in the earlier suit, but also those that could have been litigated); Smith v. Ware, 244 Va. 374, 376, 421 S.E.2d 444 (1992) (noting that res judicata applies to causes of action "which could have been litigated between the same parties and their privies"). Plaintiff's instant complaint is barred by res judicata, regardless of whether a TILA complaint was filed in 2010. The voluntary dismissal of the complaint does not preserve or withhold it from the doctrine of res judicata; indeed, one of the underlying rationales for the doctrine is to prevent this type of ad infinitum claim splitting and piecemeal litigation.4

In summary, I have already dismissed Plaintiff's action against J.P. Morgan involving the same transaction or series of transactions; therefore, Plaintiff's present action against J.P. Morgan is barred by the doctrine of res judicata and must be dismissed.

IV.

A.

Even if res judicata did not bar this case, it would be barred by Plaintiff's 2009 bankruptcy, because the bankruptcy trustee is the only person who has standing to assert the right of rescission. Notwithstanding his failure to schedule the claim as an asset in his bankruptcy case, Plaintiff now asserts standing on the basis that the claim "did not come into existence until he sent a notice of TILA rescission" and that an "extended right of rescission is not property" but is a "personal right," which Plaintiff did not invoke during his bankruptcy case.

However, under federal bankruptcy law, the bankruptcy estate comprises, with exceptions not applicable here, "all legal or equitable interests of the debtor in property as of the commencement of the case." 11 U.S.C. § 541(a)(1); see also 11 U.S.C. §§ 301-303. This definition "has been construed `broadly to encompass all kinds of property, including intangibles.'" Logan v. JKV Real Estate Servs., 414 F.3d 507, 512 (4th Cir.2005) (quoting Integrated Solutions, Inc. v. Service Support Specialties, Inc., 124 F.3d 487, 490 (3d Cir.1997)). "More specifically, `property of the estate' under § 541(a) has `uniformly been interpreted to include causes of action.'" Id. (quoting Polis v. Getaways, Inc., 217 F.3d 899, 901 (7th Cir.2000)); see also Richman v. Garza, 117 F.3d 1414 (Table), 1997 WL 360644 (4th Cir. Jul. 1, 1997) (observing that "[a] legal cause of action is an interest of the debtor in property within the meaning of section 541"). Causes of action that belong to the debtor's bankruptcy estate may only be pursued by the trustee, as representative of the bankruptcy estate. Nat'l American Ins. Co. v. Ruppert Landscaping Co., 187 F.3d 439, 441 (4th Cir. 1999).

Line 21 of Plaintiff's bankruptcy Schedule B required Plaintiff to list all of his personal property, including "other contingent and unliquidated claims of every nature, including tax refunds, counterclaims of the debtor, and rights to setoff claims." But Plaintiff indicated "None." He did not list any claims against GMAC or J.P. Morgan, nor did he identify any violation of the Truth in Lending Act or make reference to any alleged right to rescind the Note or Deed of Trust. Instead of fully disclosing the claims and rights he now asserts, Plaintiff's bankruptcy petition instead affirmatively stated that he was bankrupt, in part, because he owed the full amount of his mortgage ($1.3 million, at the time), while the property itself was only worth $788,800. Now, it appears that Plaintiff's representation to the Bankruptcy Court that his home was only worth $788,800 was incorrect, as Plaintiff now alleges that the property has an assessed valuation of $2.5 million, which is more than three times the value Plaintiff claimed in his bankruptcy petition.

It is settled law that, unless and until a cause of action, contingent or matured, is properly scheduled, and subsequently abandoned, the claim remains property of the bankruptcy estate, even if the case has been closed, and the debtor lacks standing to pursue the claim.5

B.

Moreover, Plaintiff now claims that, because of his TILA claim, he does not owe the full amount under his mortgage, which is contrary to the representations in his bankruptcy schedules. Plaintiff is judicially estopped from asserting a TILA claim for rescission given the misrepresentations and omissions in his bankruptcy petition.

Regardless of excuses, there are consequences for a bankruptcy debtor's misrepresentations of facts and failure to disclose rights and remedies that he may have had which would have impacted the chapter 7 trustee's ability to liquidate assets to pay Plaintiff's creditors. As a result of his misrepresentations and omissions, Plaintiff emerged from bankruptcy as the owner of property that is allegedly worth three times more than he disclosed in his bankruptcy filings. Moreover, Plaintiff now claims that his mortgage is subject to rescission, i.e., that he owes even less than he represented in his bankruptcy petition. Plaintiff, however, failed to disclose this alleged right of rescission during his bankruptcy, and he failed to disclose it later, despite a continuing duty to do so. Under both the doctrine regarding standing, discussed above, and the doctrine of judicial estoppel, Plaintiff's claim is barred because he did not disclose a contingent TILA claim in his schedules.

Plaintiff argues that he should not be estopped from pursing his claim because he is a "lay person" and not a lawyer or accountant; "[h]owever, a debtor's lack of awareness as to her disclosure duties in a bankruptcy action is not relevant to the question of judicial estoppel." Vanderheyden v. Peninsula Airport Commission, Civil Action No. 4:12cv00046, 2013 WL 30065, at *12 (E.D.Va. Jan. 2, 2013) (citing Jethroe v. Omnova Solutions, Inc., 412 F.3d 598, 601 (5th Cir.2005); In re Coastal Plains, Inc., 179 F.3d 197, 212 (5th Cir.1999); Harrah v. DSW, Inc., 852 F.Supp.2d 900, 906-07 (N.D.Ohio 2012) ("It does not appear that any court has accepted ignorance of the law as an excuse for a party's failure to comply with the requirement of full disclosure.")). A debtor bears a continuing duty to amend his or her bankruptcy schedules to disclose newly discovered claims and assets, Plaintiff has never amended his schedules to disclose to his creditors and the chapter 7 trustee the existence of his alleged claim, and Plaintiff has provided unbelievably disparate variations in the purported valuations of his property (wild variations in the market notwithstanding). See Burnes v. Pemco Aeroplex, Inc., 291 F.3d 1282, 1286 (11th Cir.2002) ("[K]eeping in mind that judicial estoppel is an equitable doctrine invoked at a court's discretion, it is clear that the record in this case contains sufficient evidence from which to infer intentional manipulation by [plaintiff]".).

Bankruptcy does not entitle Plaintiff to a windfall. "The basic principle of bankruptcy is to obtain discharge from one's creditor's in return for all one's assets, except those exempt, as a result of which creditors release their own claims and the bankrupt can start fresh." Payless Wholesale Distributors, Inc. v. Alberto Culver (P.R.) Inc., 989 F.2d 570, 571 (1st Cir.1993) (adding that "a better plan" of "conceal[ing] your claims; get[ting] rid of your creditors on the cheap, and start[ing] over with a bundle of rights.... is palpable fraud that the court will not tolerate, even passively"). The Plaintiff in this case, "having obtained judicial relief on the representation that no claims existed, cannot now resurrect them and obtain relief on the opposite basis." Id. Plaintiff was able to retain his house in bankruptcy because of his representation that the house was worth far less than what he owed on his mortgage. Plaintiff has also failed to disclose to the bankruptcy court his alleged right of rescission which — if valid — would have dramatically changed Plaintiff's financial position. In part because his bankruptcy petition was bolstered by these misrepresentations and omissions, his debts were discharged and he was able to retain all of the equity in his property — plus even more, considering that he now claims that his mortgage debt should be rescinded.

The purpose of the doctrine of judicial estoppel is to "preserve the integrity of courts by preventing a party from abusing the judicial process through cynical gamesmanship." Browning v. Levy, 283 F.3d 761, 776 (6th Cir.2002). The doctrine is especially important in bankruptcy proceedings because full and honest disclosure is "crucial to the effective functioning of the federal bankruptcy system." Burnes, 291 F.3d at 1286. In Plaintiff's case, the chapter 7 trustee filed a "no asset report" that permitted Plaintiff to retain all of his assets, including his valuable residence, while discharging almost two million dollars in general unsecured debt. Thus Plaintiff's bankruptcy illustrates the impact the failure to disclose an asset can have on the integrity of the bankruptcy system. Were Plaintiff's instant TILA rescission claim not barred on other grounds, judicial estoppel would not only be appropriate, but essential to maintain the integrity and viability of the bankruptcy system.

V.

A.

Even disregarding the procedural bars or defects in the instant case, Plaintiff's alleged right of rescission expired prior to his assertion of such right because Plaintiff admits that he was mailed a copy of the notice of rescission, and therefore received "material disclosure" pursuant to the regulation. Plaintiff's rescission claim is dependent on the application of the extended three-year rescission period in 12 C.F.R. § 226.23(a)(3),6 which states:

(Emphasis added.)

Significantly, the extended three-year rescission period applies only if "the required notice or material disclosures are not delivered." Id. (emphasis added). When the required notices are delivered after the consummation of the transaction, then the rescission period ends on the third business day following the delivery of the required notices. Id.

Here, Plaintiff alleges that he received the notice of rescission at the closing table, and signed a copy of the notice, but did not have a copy to take with him from the closing table. However, Plaintiff's memoranda opposing Defendants' motions to dismiss include admissions that he received a copy of the notice of his right of rescission in the mail after closing.7 See docket no. 18 at 1; docket no. 55 at 8. Therefore, under the plain language of 12 C.F.R. § 226.23(a)(3), Plaintiff's right of rescission expired prior to August 30, 2010, the date that he first attempted to exercise his alleged right to rescind. Accordingly, Plaintiff's claim seeking rescission is untimely.

B.

Even if rescission were an available remedy, Plaintiff would have to be able to tender the loan proceeds in order to obtain rescission. Admitting that he cannot presently tender the loan proceeds necessary to accomplish rescission, Plaintiff requests an equitable adjustment of the timing of tender. However, TILA does not require a lender to allow a homeowner to live indefinitely in a house mortgage-free while the homeowner attempts to sell the house to raise funds to tender the amount necessary for rescission.8

C.

Given that the equities strongly weigh against Plaintiff, the complaint fails to plausibly state a claim for the equitable remedy of rescission. Plaintiff alleges a purely technical violation of TILA that, assuming arguendo that there was even a technical violation of TILA, resulted in no damages or harm to Plaintiff. Plaintiff received actual notice of the right to rescind and signed the notice; he alleges only that he did not receive his own paper copy of such notice until three or more days after the consummation of the transaction. Plaintiff has not been harmed.

Plaintiff declared bankruptcy and emerged from bankruptcy having nearly two million dollars in debt discharged, yet at no point during or after his bankruptcy did Plaintiff disclose to the bankruptcy trustee a TILA rescission claim, as required by the bankruptcy code. Thereafter, Plaintiff filed successive meritless lawsuits to delay and hinder the lawful foreclosure of his property. All of Plaintiff's prior lawsuits have been dismissed, one of which I dismissed with prejudice. Now, at this late date, Plaintiff claims to have rescinded his mortgage, and further seeks an equitable adjustment of the timing of tender while he allegedly tries to find the money necessary to tender the rescission.

Yet Plaintiff offers no valid reason why I should exercise such discretion and award Plaintiff a windfall, especially considering that the equities in this case weigh heavily against Plaintiff. Instead, citing Mars v. Spartanburg Chrysler Plymouth, Inc., 713 F.2d 65, 67 (4th Cir.1983), Plaintiff argues that creditors should be strictly liable under TILA. To be sure, Mars held that the provisions of TILA must be "absolutely complied with and strictly enforced." Id. But the Fourth Circuit has noted that this statement in Mars "was not to imply, however, that the Act's requirements should not be reasonably construed and equitably applied." American Mortgage Network, Inc. v. Shelton, 486 F.3d 815, 819 n. 4 (4th Cir.2007); see also Larrabee v. Bank of America, N.A., 714 F.Supp.2d 562, 566 (E.D.Va.2010) (quoting Shelton). Indeed, in 1995, Congress amended "TILA to provide higher tolerance levels for what it viewed as honest mistakes in carrying out disclosure obligations." McKenna v. First Horizon Home Loan Corp., 475 F.3d 418, 424 (1st Cir.2007) (citing Truth in Lending Act Amendments of 1995, Pub. L. No. 104-29, § 3, 109 Stat. 271, 272-73). "In taking this step, Congress made manifest that although it had designed the TILA to protect consumers, it had not intended that lenders would be made to face overwhelming liability for relatively minor violations." Id.9; see also Smith v. Highland Bank, 108 F.3d 1325, 1327 n. 4 (11th Cir.1997) (noting that "Congress would not have us adopt a hypertechnical reading of any part of TILA"). Moreover, Plaintiff's reliance on the "strict enforcement" language in Mars is misplaced, given that Mars only involved statutory damages, and the plaintiff in Mars — unlike the Plaintiff here or the counter-claimants in Shelton — was not seeking the equitable remedy of rescission.

When a plaintiff seeks rescission under TILA, courts in the Fourth Circuit take into consideration such factors as the technical nature of the violation, damages (or lack thereof), prior misstatements by the plaintiff, and other equitable factors in deciding whether a plaintiff has stated a claim. See, e.g., Shelton, 486 F.3d at 819-21; Larrabee, 714 F.Supp.2d at 566; Yarney v. Wells Fargo Bank, N.A., Civil Action No. 3:09-cv-00050, 2010 WL 3075460 (W.D.Va. August 5, 2010) ("The failure to allege that the disclosure violation caused her harm, or that she did not receive actual notice of the right to rescind, weighs heavily against Plaintiff as the Court considers whether the equitable remedy of rescission is appropriate.").

In this case, it is clear that Plaintiff is not entitled to the equitable remedy of recession.

D.

I repeat that, when I dismissed Canterbury I with prejudice over two years ago, I observed that

Canterbury I (Mar. 30, 2011) (emphasis added). Yet in more than four years nothing has changed. Plaintiff still offers no plausible facts or valid legal argument to support his claim.

VI.

For the stated reasons, the motion to dismiss filed by J.P. Morgan Acquisition Corporation will be granted. An appropriate order accompanies this memorandum opinion.