Does anyone have experience with preferential payments being used as an exemption ?
We borrowed 1300 back in Nov from relatives and paid it back 2 weeks later. The money was borrowed only to make a payment to CCCS. We also paid 2200 about 150 a month over the past year to my MIL for a loan she gave us. We have not made a payment to her since Nov. My attorney listed 3500 as preferential payments and I am worried the trustee will try to make these people pay the money back. But he said we can just list them as an exemption since if we had not paid them we would still have the cash in theory to exempt as we only have 2000 equity in our house and the rest is left for wildcard exemption. We filed on march 3 and have not paid any relatives since nov and nov was the last time creditors received payment through CCCS. Am I worrying for nothing ? Has anyone on here ever had the trustee go after their relatives for the money ? Do you really think it can be listed as claimed exemption ?
We borrowed 1300 back in Nov from relatives and paid it back 2 weeks later. The money was borrowed only to make a payment to CCCS. We also paid 2200 about 150 a month over the past year to my MIL for a loan she gave us. We have not made a payment to her since Nov. My attorney listed 3500 as preferential payments and I am worried the trustee will try to make these people pay the money back. But he said we can just list them as an exemption since if we had not paid them we would still have the cash in theory to exempt as we only have 2000 equity in our house and the rest is left for wildcard exemption. We filed on march 3 and have not paid any relatives since nov and nov was the last time creditors received payment through CCCS. Am I worrying for nothing ? Has anyone on here ever had the trustee go after their relatives for the money ? Do you really think it can be listed as claimed exemption ?
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