top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Preferencial Payment

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Preferencial Payment

    I'm unclear on how "Preferetial Payment" rule work.

    I made a $ 1800 paymento to Amex last month (the minimum payment was $ 1800). How will this affect the filling if I decide to file for BK in 6 months.
    Tags: None
    #2
    It shouldn't. If the trustee deems it to be preferential, they will go after Amex for a return of the money, not you.
    Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
    AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

    Comment

      #3
      Hello bortolli1979 !

      ccjoe has it right, you just list it in your BK petition and let the trustee decide if they want to do anything about it. It is your regular payment, not any kind of fraudulent payment.

      FYI....if you are sure you are filing BK, most folks here/lots of lawyers say to stop paying on any unsecured debt immediately and stop paying on secured debt unless you plan to reaffirm the debt in the BK (keep the debt)

      Hope everything works out well for you!

      Tom in Colo
      Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

      Comment

        #4
        Both above are correct. It is only preferential if you paid only that bill over others. If it was the only bill you had, it cannot be preferential. If it was the minimum payment anyway, it also cannot be preferential. It was unwise to toss that money down the sink if you intend to bk anyway. 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

        Comment

          #5
          Originally posted by AngelinaCatHub View Post
          If it was the minimum payment anyway, it also cannot be preferential. It was unwise to toss that money down the sink if you intend to bk anyway. 'Hub
          This isn't correct. A preference payment is, a payment to an unsecured creditor. Does not matter if it was a minimumpayment or not.
          I agree with the others. It's an issue between the trustee an AMeX and will have no affect on your bk.

          Comment

          Previous template Next

          bottom Ad Widget

          Collapse
          Working...
          X