I just recently decided that the only option that I have left due to
significantly decreased income and overwhelming credit debt, that I
must file for chapter 7 bankruptcy. About a year and a half ago I
borrowed a fairly significant amount of money from a close relative,
and was making payments, and then about 9 or 10 months ago I made a
lump sum payback of the loan, the lump sum was pretty big. Will this
present any problems with regard to preferential treatment to a
creditor? I am asking because I noticed that the form asks what
payments had been made in the past year to "insiders". I have been
reading up on this, and I can't find the information anywhere about
what the significance of this is, or why I am being asked. Oh, and at
the time that I paid the lump sum, I was not in arrears with any
creditors, my problems didn't start until a few months later.
Brett Weiss
12-08-2003, 04:55 PM
You should probably wait for 12 months after the payment was made to avoid
problems. Discuss the issue with your attorney.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
************************************************** ***************
"cappucine" <bettedaviseyes@metacrawler.com> wrote in message
news:84999b25.0312081559.125fbb25@posting.google.c om... I just recently decided that the only option that I have left due to significantly decreased income and overwhelming credit debt, that I must file for chapter 7 bankruptcy. About a year and a half ago I borrowed a fairly significant amount of money from a close relative, and was making payments, and then about 9 or 10 months ago I made a lump sum payback of the loan, the lump sum was pretty big. Will this present any problems with regard to preferential treatment to a creditor? I am asking because I noticed that the form asks what payments had been made in the past year to "insiders". I have been reading up on this, and I can't find the information anywhere about what the significance of this is, or why I am being asked. Oh, and at the time that I paid the lump sum, I was not in arrears with any creditors, my problems didn't start until a few months later.
cappucine
12-09-2003, 09:07 AM
Ok, now I am scared. I was hoping to file this month. What if the
law changes before I can file now? I don't think I have ever been
this nervous in my life.
"Brett Weiss" <lawyer@erols.com> wrote in message news:<Zc2dnUrtqYvjgEiiRVn-sA@comcast.com>... You should probably wait for 12 months after the payment was made to avoid problems. Discuss the issue with your attorney. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "cappucine" <bettedaviseyes@metacrawler.com> wrote in message news:84999b25.0312081559.125fbb25@posting.google.c om... I just recently decided that the only option that I have left due to significantly decreased income and overwhelming credit debt, that I must file for chapter 7 bankruptcy. About a year and a half ago I borrowed a fairly significant amount of money from a close relative, and was making payments, and then about 9 or 10 months ago I made a lump sum payback of the loan, the lump sum was pretty big. Will this present any problems with regard to preferential treatment to a creditor? I am asking because I noticed that the form asks what payments had been made in the past year to "insiders". I have been reading up on this, and I can't find the information anywhere about what the significance of this is, or why I am being asked. Oh, and at the time that I paid the lump sum, I was not in arrears with any creditors, my problems didn't start until a few months later.
cappucine
12-09-2003, 09:26 AM
Oh, one more question. Does the year time frame apply to when I WROTE
the check to her, or when she cashed the check?
"Brett Weiss" <lawyer@erols.com> wrote in message news:<Zc2dnUrtqYvjgEiiRVn-sA@comcast.com>... You should probably wait for 12 months after the payment was made to avoid problems. Discuss the issue with your attorney. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "cappucine" <bettedaviseyes@metacrawler.com> wrote in message news:84999b25.0312081559.125fbb25@posting.google.c om... I just recently decided that the only option that I have left due to significantly decreased income and overwhelming credit debt, that I must file for chapter 7 bankruptcy. About a year and a half ago I borrowed a fairly significant amount of money from a close relative, and was making payments, and then about 9 or 10 months ago I made a lump sum payback of the loan, the lump sum was pretty big. Will this present any problems with regard to preferential treatment to a creditor? I am asking because I noticed that the form asks what payments had been made in the past year to "insiders". I have been reading up on this, and I can't find the information anywhere about what the significance of this is, or why I am being asked. Oh, and at the time that I paid the lump sum, I was not in arrears with any creditors, my problems didn't start until a few months later.
Brett Weiss
12-09-2003, 01:14 PM
BARF (The BAnkruptcy ReForm bill) currently contains a 180-day deferral in
the effective date. Even if it were to pass today, you should be OK.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
************************************************** ***************
"cappucine" <bettedaviseyes@metacrawler.com> wrote in message
news:84999b25.0312090907.289d5bc@posting.google.co m... Ok, now I am scared. I was hoping to file this month. What if the law changes before I can file now? I don't think I have ever been this nervous in my life. "Brett Weiss" <lawyer@erols.com> wrote in message
news:<Zc2dnUrtqYvjgEiiRVn-sA@comcast.com>... You should probably wait for 12 months after the payment was made to
avoid problems. Discuss the issue with your attorney. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws
who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "cappucine" <bettedaviseyes@metacrawler.com> wrote in message news:84999b25.0312081559.125fbb25@posting.google.c om... I just recently decided that the only option that I have left due to significantly decreased income and overwhelming credit debt, that I must file for chapter 7 bankruptcy. About a year and a half ago I borrowed a fairly significant amount of money from a close relative, and was making payments, and then about 9 or 10 months ago I made a lump sum payback of the loan, the lump sum was pretty big. Will this present any problems with regard to preferential treatment to a creditor? I am asking because I noticed that the form asks what payments had been made in the past year to "insiders". I have been reading up on this, and I can't find the information anywhere about what the significance of this is, or why I am being asked. Oh, and at the time that I paid the lump sum, I was not in arrears with any creditors, my problems didn't start until a few months later.
Brett Weiss
12-09-2003, 01:14 PM
I would count it from when the check was cashed.
You should discuss this issue with your attorney.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
************************************************** ***************
"cappucine" <bettedaviseyes@metacrawler.com> wrote in message
news:84999b25.0312090926.6a04ec25@posting.google.c om... Oh, one more question. Does the year time frame apply to when I WROTE the check to her, or when she cashed the check? "Brett Weiss" <lawyer@erols.com> wrote in message
news:<Zc2dnUrtqYvjgEiiRVn-sA@comcast.com>... You should probably wait for 12 months after the payment was made to
avoid problems. Discuss the issue with your attorney. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws
who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "cappucine" <bettedaviseyes@metacrawler.com> wrote in message news:84999b25.0312081559.125fbb25@posting.google.c om... I just recently decided that the only option that I have left due to significantly decreased income and overwhelming credit debt, that I must file for chapter 7 bankruptcy. About a year and a half ago I borrowed a fairly significant amount of money from a close relative, and was making payments, and then about 9 or 10 months ago I made a lump sum payback of the loan, the lump sum was pretty big. Will this present any problems with regard to preferential treatment to a creditor? I am asking because I noticed that the form asks what payments had been made in the past year to "insiders". I have been reading up on this, and I can't find the information anywhere about what the significance of this is, or why I am being asked. Oh, and at the time that I paid the lump sum, I was not in arrears with any creditors, my problems didn't start until a few months later.
