For the Guru's

[TDP]

I know that we are not suppose to give preferential treatment to creditors, but.. My father had given me about $8000.00 for my business and best friend gave me $5,000.00 to invest. I paid them both back with one account I had. I wrote them checks out of that cc account. That was in June because I knew I would be filing soon. I can't ask them to give it back so I can file bk, I'd rather sell everything I own to pay those bills, what should I do.

[originalhealer]

I would wait awhile to file. Also, just know that if you tell the trustee who you gave that money to and why, be prepared that the trustee will be asking for that money back.

[TDP]

I guess it would make no difference to have a notarized statement, but what if I did sell everything I owned to pay those last two checks back. I am eager to get this behind me, but not so eager as to risk messing up the Bk process and throw red flags.

[originalhealer]

Your case is a little more complicated. Try calling a few lawyers out of the phone book for their free consultations, and see what they say.

[HRx]

I know that we are not suppose to give preferential treatment to creditors, but.. My father had given me about $8000.00 for my business and best friend gave me $5,000.00 to invest. I paid them both back with one account I had. I wrote them checks out of that cc account. That was in June because I knew I would be filing soon. I can't ask them to give it back so I can file bk, I'd rather sell everything I own to pay those bills, what should I do.

Are you saying you repaid both your father and friend using funds from a line of credit you had? And you now want to have the debt discharged in BK? If that's the case, then simply list the credit account in your BK petition.

Good Luck!

[TDP]

Thanks Todd,
Will that look suspicious or fraudulent since it is so recent? I didn't know about the 60 day rule before joining your site. It is absolutely on the up and up and I am hoping for the best. TDP

[mymymy]

Thanks Todd,
Will that look suspicious or fraudulent since it is so recent? I didn't know about the 60 day rule before joining your site. It is absolutely on the up and up and I am hoping for the best. TDP

Maybe the OP should make a payment or two to those creitors before filing.. that way they can't really say or prove that he had no intention of paying those debts when he incurred them? Then wait a month...he does have until October. Nothing wrong with a little BK planning. Sometimes the trustee will offer up the famous: "When did you know you were going to file" trick question.. of course, the correct answer is.. not until a week ago.

[HHM]

Thanks Todd,
Will that look suspicious or fraudulent since it is so recent? I didn't know about the 60 day rule before joining your site. It is absolutely on the up and up and I am hoping for the best. TDP

Yes, yes it will. The bank that underwrote the line of credit will likely object to the discharge of their debt. You do want to wait to file until you are outside the 60 day period, but they will likely still object and you will probably have to pay some of it back.

[Just Lue]

In addition, it appears that you paid "insiders" a debt within 1 year. Your real problem is that, because you do not have the year to make up until the new law goes into effect. You need to discuss with an attorney to do damage control.

[HRx]

Thanks Todd,
Will that look suspicious or fraudulent since it is so recent? I didn't know about the 60 day rule before joining your site. It is absolutely on the up and up and I am hoping for the best. TDP

Unless you're trying to discharge several debts that are very current, and you purchased a lot of luxury items, it isnt going to look suspicioius. It's more than likely simply going to be challenged by the creditor. But again, it may not! No one can give you a definate answer. Consider filing during the first/second week of october.

Good Luck!