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Would this be considered preferential payment?
Typical way we handle this but things could be different in your jurisdiction: Once an offer is presented we ask the Trustee to give an "open extension to Answer the Complaint with a 10 day call". This can be done informally by email or formally by Motion. In essence one is asking for an...- despritfreya
- Post #25
- Forum: Consumer Bankruptcy
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Would this be considered preferential payment?
Too bad the Trustee did not approach you first. In my neck of the woods such is what would have happened. Talk to your attorney and maybe get a referral for your Uncle. If he can show that the payments were "ordinary course", or at least raise a valid issue that they might have been...- despritfreya
- Post #22
- Forum: Consumer Bankruptcy
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Would this be considered preferential payment?
Sorry, I missed this back in May. Normally preferential payments cover unsecured debt. This is why you do not see Trustees going after the installment payments for secured vehicles or mortgages. So, if the security agreement for the purchase of "an asset of some kind" is 1) contemporaneous...- despritfreya
- Post #19
- Forum: Consumer Bankruptcy
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Franchise Tax discharged during chapter 7 Bankruptcy in Texas
Unfortunately I cannot answer your questions or even guess. You were involved in a complex transaction relating to a major Chapter 11 proceeding which apparently included numerous administratively consolidated cases. As this was "complex" I will assume you had legal representation. Your best...- despritfreya
- Post #6
- Forum: Business Bankruptcy
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Franchise Tax discharged during chapter 7 Bankruptcy in Texas
It appears that you did not seek the assistance of a bankruptcy attorney prior to purchasing the company out of the Chapter 7 or Chapter 11. First and foremost, only people (you and me) get an Order from a bankruptcy court discharging debts in a Chapter 7. In the context of Chapter 11, a...- despritfreya
- Post #4
- Forum: Business Bankruptcy
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Order of Authorization to Pay Pre-Petition Wages
@Colo_KT You do not have standing to file the First Day Motion. Such Motions are typically filed because the Debtor-In-Possession wants to keep its employees "happy". Such Motions, while called "First Day", are usually filed within the first week of the filing of the Petition. Only the DIP...- despritfreya
- Post #3
- Forum: Business Bankruptcy
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Would this be considered preferential payment?
@socksornosocks The payments to your Uncle must be disclosed on question 7 of the Statement of Financial Affairs. As was pointed out above, the payments made to him over the past year at the rate of $500/mo are deemed preferential. The Trustee has the right to seek the recovery of $6,000.00...- despritfreya
- Post #13
- Forum: Consumer Bankruptcy
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CHAPTER 13 AND DISPOSABLE INCOME
In most (maybe all - not sure) districts a debtor may use SS to support the feasibility of a Plan, however, such is not required. With a few exceptions, 11 USC 1325(b)(2) utilizes your "current monthly income" in determining what your "disposable income" is for Plan funding purposes. CMI...- despritfreya
- Post #3
- Forum: Consumer Bankruptcy
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Bankruptcy Chapter 7 debt relief and lawsuit
You are contesting the validity of the non-compete provision in State Court and are asking that, if you lose the argument, will the legal fees assessed against you be discharged. 1. Valid non-complete provisions are enforceable regardless of bankruptcy. 2. Legal fees incurred PRIOR to the...- despritfreya
- Post #4
- Forum: Consumer Bankruptcy
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Defamation of Character in court filing?!
The MTD was filed in the bk AP (523/727) case. OP needs to respond to the MTD. If the MTD is denied, the Debtor will have 14 days from the entry of the Order denying the MTD to file an Answer to the 523/727 Complaint. Des.- despritfreya
- Post #21
- Forum: Consumer Bankruptcy
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Defamation of Character in court filing?!
I am not going to get into the meat of the issues between OP and the Debtor. I do want to point out that both parties are pro se in the AP and the total state court judgment is just over $10k. OP needs to respond to the MTD in a timely fashion. The name calling by the Debtor (not some...- despritfreya
- Post #15
- Forum: Consumer Bankruptcy
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Chapter 7 - Will my landlord be notified of my BK7?
Unless you are in a month-to-month tenancy, you have a lease. The lease must be disclosed on Schedule G. Technically you have to assume the lease or it is deemed "rejected". Fortunately, 99.99% of the time consumers do not officially assume residential leases and so long as payments are made...- despritfreya
- Post #6
- Forum: Consumer Bankruptcy
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Help me out with seeing the whole picture. SCARED
I realize we have gotten off of the subject of the original post but I need to correct innuendo of this record. Donald Trump (as much as I disrespect him) never filed bk. He has caused approximately thirty (30) separate cases for his many, many entities since, at least, the 1980's, but, he...- despritfreya
- Post #18
- Forum: Consumer Bankruptcy
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Help me out with seeing the whole picture. SCARED
@MrJoe I cannot add much to the above well reasoned responses but I will say this: Bankruptcy is a tool and you need to look at filing one as if it were a business decision. While tough to do, try to take the emotion out of it. No one will look out for your best interest except “you”...- despritfreya
- Post #9
- Forum: Consumer Bankruptcy
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Discharged and 2nd mortgage?
I wasn’t going to chime in due to the intelligent discussion that was/is taking place. I love reading highly thought provoking opinions. Thank you. Here is the reality. . . 1. The second was not stripped. Such simply does not happen in the context of a Chapter 7 discharge even if the bk...- despritfreya
- Post #11
- Forum: Consumer Bankruptcy
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Ch 7 - Possible Unintended Misrepresentation To Repay
I doubt very much that anyone is going to quibble over the $900 loan. Des.- despritfreya
- Post #14
- Forum: Consumer Bankruptcy
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Ch 7 - Possible Unintended Misrepresentation To Repay
@Whitepeechez89 Ashley, In all likelihood, I am going to agree with the comments that you should continue in the Chapter 7. I do have a few questions: 1. How much money did you borrow? 2. What was the money used for? 3. Do you have the ability to produce receipts for the use of the funds...- despritfreya
- Post #12
- Forum: Consumer Bankruptcy
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Does forfeited LLC needs to file bankruptcy if its seeking to avoid the law suit?
If, by "I also have a lawsuit against an international customer" you really mean that "the LLC has a lawsuit against an international customer" it is "confirmed" that doing nothing to defend the pending suit against the LLC is a problem. The entity has an asset. A creditor of the entity that...- despritfreya
- Post #9
- Forum: Business Bankruptcy
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Does forfeited LLC needs to file bankruptcy if its seeking to avoid the law suit?
Generally, if a corporation (LLC) is going to file bk it will be a Chapter 11. Chapter 7 is typically a waste of time and money since the entity will not get a discharge. Chapter 11 is used if the entity wishes to remain in operation and reorganize. IMHO Texas1021 needs to determine if he/she...- despritfreya
- Post #7
- Forum: Business Bankruptcy
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Luxury consignment bankruptcy
Here is the reality. . . Until the bk is filed what the debtor’s attny tells you is garbage. You have the right to pursue your claim outside of bankruptcy until a bankruptcy is actually filed. Whether the entity is filing Chapter 7 (stupid) or the individual is filing a Chapter 7, you are a...- despritfreya
- Post #4
- Forum: Business Bankruptcy
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