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Trustee

Preference Actions: What is the “New Value” defense?

In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to a creditors committee. In subsequent posts …

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Preference Actions: What is the “contemporaneous exchange” defense?

In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to a creditors committee. In a subsequent …

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Defenses to Preference Actions – Part 1

In previous posts on this site (What is a Preference?  And why should you care? and Preference Actions:  How to Defend Against Them), I’ve addressed the topic of preference actions (also commonly referred to as preference lawsuits). If you read those two posts, then you know that, from a creditor’s perspective: Preference actions seem unfair …

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What will happen at my 341 meeting of creditors in New York?

It’s very common for clients filing for personal bankruptcy to worry about the 341 Meeting of Creditors.  It’s the first “event” in a bankruptcy case and the first time for most clients to actually go to court.  (Though it’s usually the only time the client needs to go to court in a bankruptcy case.) A …

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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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What you should know about the trustee in bankruptcy

When the topic of bankruptcy in New York comes up, you hear a lot about things like Chapter 7, Chapter 13, the “means test,” financial statements and a bunch of other important terms. But what do you know about the trustee and his or her role in a bankruptcy case? It’s important to understand what …

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What Questions Must a Trustee Ask at a Chapter 7 Meeting of the Creditors?

The meeting of the creditors that occurs at the beginning of a New York bankruptcy case shortly after it’s filed is one of the few times the debtor must appear at the bankruptcy court. Moreover, the creditors themselves are rarely present, and the meeting itself is conducted by the trustee, who will question the debtor …

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