Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Preferential payments

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  • Preferential payments

    Hello! First time poster here. I was just wondering if I could get some opinion on my situation. I had a CC transfer of about $9000 two months ago to pay off some debts, and now I am contemplating bankruptcy. Recently (and unexpectedly) split with my long term partner, and I am a stay at home parent. So, my bills that I currently have will not be able to be paid based on my child support that I am getting. I am currently on time with everything, but it will only be a matter of time before I will be drowning (kind of inevitable ).

    I talked with an attorney, and I currently have a large Home Depot Loan and CC (with the very recent large transaction). The attorney suggested that I stop paying on the Home Depot Loan, but continue to pay on the CC (for 90 days after the transfer) so it will not look fraudulent (I was not expecting to become a single mom with no job). After reading a ton on this forum and other online sources, I was just wondering if this could be seen as preferential payments.

    Thank you for your help! ❤️

  • #2
    (It's actually a voidable preference, not a fraudulent conveyance, to pay a creditor when you're not paying other creditors of the same type.)

    Your attorney's advice is spot on. Even if the Trustee believes that there was a preference -- meaning that you favored one creditor over another -- the Trustee would claw the money back from that specific creditor(s) and then spread it among all the creditors that filed a claim.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Thank you for your response! It makes me feel better because you gave me an actual explanation. When I mentioned preferential payments, all he said was no. I am the type of person that needs those explanations to feel fully centered on what's going on!

      I have been trying to look around the internet and forum about having more than $15,000 of equity in my home and what that means when I file. I have about $16,600 in equity (my situation is a little weird though..this is based on the number on my real estate tax bill if I left my house as is when it was sold to me; it was extremely outdated so remodeling was a must (for instance: it was red and yellow on the outside- my nieces referred to it as the Ronald McDonald house 😣-- hence, the large Home Depot loan), but, unfortunately, not one room is fully finished with the remodeling so I have no idea if something could be worth more or less during remodeling when it has not been finished if that makes sense!)

      So, my question is (after that book) is what happens to my $1600 more of equity than they allow? Does that mean that my house could potentially be taken from me?

      Thank you again for all the help!


      • #4
        Originally posted by Cla14 View Post
        So, my question is (after that book) is what happens to my $1600 more of equity than they allow? Does that mean that my house could potentially be taken from me?
        If a good appraisal -- by good I mean one performed by a professional -- comes back with equity, then you may need to purchase the equity from the Trustee. When the equity is that close, an attorney may recommend the property to be appraised by a licensed appraiser. A licensed appraiser, performing a full appraisal, will look inside and outside.

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          It sounds like you are in a state where the assessed value is based on what you paid and not the market value. The relevant value for BK purposes is the market value. As justbroke says, other than putting the property on the market, an appraisal is the best way to determine what the market value is. But, you could get a broker's opinion of value to give you an idea and even use that value on your petition. If the trustee disagrees with the value, you can pay for a real appraisal.

          If you have construction in progress, I would imagine that would decrease the value.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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