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Preferential Payment to Creditors?

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  • Preferential Payment to Creditors?

    I've been hearing about preferential payment. Well, here's my dilemma. Back in February this year, i received a check in the mail for $1,300 from this loan company i had business with twice already and those are all paid off a long time ago. I wasn't gonna cashed the check and take the loan but i was in need of dental treatment and i had none to do so. Well, its about Tax refund season so i thought i can go ahead and just returned the whole amount using my tax refund money. I used part of the money to pay my attorney's fee(yes, already decided to file at that time). Anyway, come to find out one day that IRS is taking my refund for some money i owed that i just also found out that day. My thing is i dont have the plan of not paying the loan and the fact that i already decided to file, its like fraud for me for taking a loan and not paying it back. So from March up to this date, I've been paying them $132 a month barely even. So what kind of trouble im in now for making payments to one creditor aside from my car payments? Can I just explain this with the trustee?

  • #2
    There is nothing to explain to your trustee unless asked. Fill out your paperwork honestly, if they have questions about it they will ask. Worst case scenario the trustee will go after the lender to recoup the money and re-distribute. It won't affect you at all especially since it wasn't an insider payment.

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    • #3
      You have not paid this lender more that $600 in the 90 days prior to filing therefore there is no preference.

      Des.

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      • #4
        I've been paying them since March and its already over $600 up to date.

        Comment


        • #5
          Thank you for all your response. Very helpful. I will keep them in mind.

          Comment


          • #6
            Originally posted by bebot1111 View Post
            I've been paying them since March and its already over $600 up to date.
            Unless you have already filed and your filing date was sometime in June, what you paid since March, 2018 when it is now August, 2018 is not relevant. What you paid in the 90 days before you filed is. And. . . even if you paid any creditor the threshold amount, such is not your issue. That is between the creditor and the Trustee.

            As to your real question relating to "fraud", your intent was to pay it back with your tax refund. Once you realized that was not going to happen you made (and have been making) monthly payments. I doubt there is an issue.

            Des.

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            • #7
              Thank you Des. That's all I needed to hear. And no, I haven't filed yet until some time this month.

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