business bankruptcy looming

[tom k]

What is the name of your state? tx
I bought two retail stores in two cities, one is doing good and the other very bad, the debt from the poor location will push me into bankruptcy in the next several months probably. My mother passed away last may, Soon I will recieve a inheirtance of about $30,000. to shelter that $$ could I put that toward the balance on my house mortgage before I file the bankruptcy ?

[Debt Guy]

Such an action could be determined to be a "preference" because you are favoring one creditor over another. If so, the judge will order the transaction reversed

Consult a local bankruptcy attorney to determine the amount of time that must pass between the payment and the bankruptcy filing in order to avoid the "preference".

[azatty]

It's not a preference, but it's still a problem. 11 U.S.C. §522(o) states that a homestead exemption is reduced to the extent that equity in the property is attributable to any transfer of non-exempt property into the homestead made with the intent to hinder, delay, or defraud creditors. Get local counsel involved now. There are ways you can spend that money which will not cause problems for you.

[zackraha]

My father in law is in "The Klan"
he doesn't trust banks or credit unions and never has since 1929.
any cash you ever get stick it in plastic sewer PVC pipe
with dessicant to keep it from moisture.
Bury it only where you (and your trusted beneficiary) know it is.
Then the crooked banks can't freeze it or seize it or fee it to death.
The lawyers or township can't get it either.
People don't realize how deadly having a bank account really is.
The paltry interest they pay is nothing at all, its insulting and revolting!
They are supposed be (the banks) acting as your agent on your behalf right?
Well then why is that agent selling thousands of people down the creek and letting their account holders be subject to "garnishments, Liens, etc"?
Your Agent! ya right! You cant trust them, never can, no how no way.


disclaimer. this is not legal advice
only backwoods bayou hermit survival.

[Debt Guy]

You sound very proud of your family heritage. I am sorry for you.

What you are suggesting is in some cases illegal. You can put your cash in a pile and burn it if you want, but if a court orders you to disclose your assets and you fail to tell about that "buried treasure" then you are in contempt of court and could end up wearing an orange jumpsuit. Father in law would be proud of you for standing up for your "rights".

Please stay out of the gene pool.

[Ladynred]

Well then why is that agent selling thousands of people down the creek and letting their account holders be subject to "garnishments, Liens, etc"?

They're not selling anyone down the creek, they are doing what they are LEGALLY REQUIRED to do - obeying a court order. Something you obviously wouldn't do.. and you'd be wearing that orange jumpsuit DG mentioned