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Preference Payments

Bankruptcy Mistakes: Don’t do these things before you file for bankruptcy in New York

Bankruptcy is often a counter-intuitive process.  Some things that seem innocuous or insignificant may be anything but.  In particular, there are some common mistakes that people make in perfectly good faith.  If you’re thinking of filing for bankruptcy in New York, here are a few things to be aware of. 1. Don’t withdraw your retirement …

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Preference lawsuits: How to defend yourself

In a previous post I explained to all the New Yorkers out there what a preference lawsuit is and why you should care. While reading it may have helped make you feel smart at cocktail parties, in the back of your mind you were probably also wondering, “So what exactly should I do if I’m …

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What is a preference payment? And why should you care?

Let’s say someone owes you money.  You know they’re having financial difficulties, so you go to them and try to get them to pay it back to you before they file for bankruptcy.  You have a good relationship with them and they’re kind enough to make sure you get paid back. Three weeks later, the …

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Why Hire an Experienced Chapter 7 Brooklyn Bankruptcy Lawyer

Debtors usually point to two reasons for not hiring an experienced Brooklyn bankruptcy lawyer before filing a chapter 7 case: affordability and necessity. Obviously, many people who owe significant debts frequently lack the money for a bankruptcy attorney. (As an aside, there are options for debtors who are too poor for bankruptcy filing fees.) The …

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What is ‘Equitable Subordination’?

I recently discussed priority claims in New York bankruptcy in the context of the U.S. Supreme Court’s upcoming ruling on the future of “structured dismissals” in chapter 11. The case raises the issue of whether creditors can enter into an agreement, approved by the bankruptcy court, that repays some debtors ahead of others outside the …

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Beware Wealthy Relatives Bearing Gifts

I’ve discussed the pitfalls associated with relatives dying in New York bankruptcy and why bankruptcy for elderly debtors might be preferable to planning for their property going through probate after they die. There’s another route of transferring wealth between generations that can cause bankruptcy-related problems: gifts. It’s somewhat salient because the federal estate tax recently …

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When Can a Creditor Initiate an Involuntary Bankruptcy?

Most of the time debtors are the ones who file New York bankruptcy. However, the Bankruptcy Code allows creditors to force debtors into bankruptcy under certain circumstances. Importantly, the debtor in question must be either a for-profit corporation or a person, but not an unincorporated farmer or family farmer. Creditors can initiate involuntary proceedings in …

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Filing Bankruptcy When a Trustee Seeks to Avoid a Preference

I while back, I wrote an article outlining the various defenses the Bankruptcy Code affords a party when a trustee in a bankruptcy case seeks to avoid a transfer made to that party. “Avoid,” here, means the trustee can recover the payment to the party for the bankruptcy estate. The goal is to prevent debtors …

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Six Situations in Which a Discharge Order Can Be Revoked

Although some people file New York bankruptcy to halt a foreclosure with the automatic stay or strip a lien, in nearly all cases debtors seek a discharge. However, there are six situations in which a bankruptcy court can revoke a discharge order that’s already been entered. They’re listed in Section 727(d) of the Bankruptcy Code: …

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