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What Are Preferential Payments in Bankruptcy?

Sawin & Shea

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.

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10 Common Questions About Bankruptcy

Debt Free Colorado

Find Out the 10 Common Questions About Bankruptcy with Colorado Bankruptcy Lawyers. The decision to file for bankruptcy is a significant one, and we are here to assist you in determining whether bankruptcy is the best course of action for your circumstances. Do bankruptcies come in different types?

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Update: Supreme Court Resolves Circuit Split Regarding Pre-Bankruptcy Seizure

PBWT

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. v] The Court explained further, “[a]ny ambiguity in the text of §362(a)(3) is resolved.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

If you’re struggling with financial hardship, filing for bankruptcy can be an effective way to get back on your feet. But filing for bankruptcy in Indiana doesn’t mean every outstanding debt you’ve ever incurred gets wiped away. Declaring bankruptcy will discharge most types of debt but not others. What do we mean by this?

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

Dealing with debt can be scary and overwhelming, especially if you don’t know what will happen if you miss too many payments and default or have to file bankruptcy. While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation.

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Deepening Circuit Split, Third Circuit Holds that Items Seized Pre-Petition Did Not Violate Automatic Stay

Consumer Financial Services Law

The Facts As the Third Circuit explained, “the center of this bankruptcy appeal is “‘America’s first sports car’: The Chevrolet Corvette.” Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. any act to.

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SURVIVING FINANCIAL DISTRESS FROM COVID-19 IN THE RESTAURANT, BAR, AND SERVICE INDUSTRY

BN Lawyers

It can make the difference between being able to work out an arrangement with a landlord or equipment lessors and needing to file for a chapter 11 bankruptcy to save your business. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy.