With no explanation, chose the best option from "A", "B", "C" or "D". was a “claim” governed by the Bankruptcy Code. Brief for Appellants 8, 15-CV-04260, ECF No. 12. In a similar vein to their arguments already addressed above, the customers argue that because their funds were held in trust, they were not part of the bankruptcy estate at all and, thus, were not a “claim” against the estate. Bodenstein maintains that this ar gument is waived because the customers did not raise it in the bankruptcy court below. The Court agrees with Bodenstein and finds that the customers waived this argument by not presenting it below. In the Seventh Circuit, in order to ensure that an adequate record is developed for appellate review, bankruptcy litigants are not permitted to raise arguments for the first time on appeal. Matter of Kroner, 953 F.2d 317, 319 (7th Cir.1992) (<HOLDING>); Schaumburg Bank & Trust Co., N.A. v.

A: holding an issue not raised in the bankruptcy court was waived on appeal
B: holding that arguments not raised below are waived for appeal
C: holding that chapter 7 litigant had waived argument by not raising it in bankruptcy court below and noting that in the seventh circuit arguments not presented to the bankruptcy court are waived and cannot be raised for the first time on appeal
D: holding issue not raised in the bankruptcy court was waived on appeal
C.