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Preference Payments

Preferences vs fraudulent conveyances in New York: What’s the difference?

For New Yorkers involved with the bankruptcy process, whether debtors or creditors, the concepts of “preferences” and “fraudulent conveyances” often cause confusion.  (Actually, it’s not just laypeople.  They cause confusion for many law students and even some lawyers as well.) They cause confusion because they both often relate to attempts by debtors to keep certain …

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Can I give away property before I file for bankruptcy in New York?

For New Yorkers thinking about a bankruptcy filing, it’s tempting.  You have a very valuable asset, perhaps some land or art or a car, and you don’t want to risk losing it to creditors.  So you give it away to your brother, a friend, one of your children. Is this kosher under the bankruptcy laws? …

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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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Preference Actions: What is the “Ordinary Course of Business” 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. The first one …

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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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Are any debts non-dischargeable in a bankruptcy case in New York?

The goal of a bankruptcy case is to get the discharge.  This is true whether your bankruptcy is in Brooklyn, Queens, Manhattan, Long Island or anywhere else in New York or the rest of the U.S.  And it’s the same whether it’s a Chapter 7, Chapter 11 or Chapter 13 bankruptcy. The discharge is what …

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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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