Jack lives in Florida and owns a business in that state and earns $250,000 a year. He owns a Mansion, valued at about $ 3,000,000, and a vacation home in England, valued at about $1,500,000both without mortgages. He took out a $4,000,000 loan from the Iron Bank in order to expand his Mansion and pledged an estate in the Iron Islands as collateral. Unfortunately, he lied about this property; it didn't even exist.

When he received the loan, he expanded the Mansion. He paid his wife Yung to repair the interior of the Mansion, which cost him about $100,000. The entire project turned out to be too heavy a burden. He defaulted on the loan, transferred his second car to his half-sister Sue and gave $30,000 in cash he had in his bank account to Yung to deposit in an offshore account in the Iron Islands. Jack then filed for Chapter 7 bankruptcy in Miami City Court. He neglected to place the vacation home in England on his petition for bankruptcy, along with some personal effects, such as his horse, sword, and some heavy winter clothing, together worth about US$10,000. The Iron Bank, upon being notified as a creditor, immediately tried to seize all of Jack's property, only to find some of it did not really exist.

What will Jack argue? What will the Iron Bank argue? How will the court rule? Provide legal justification for your answer.