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Beware the Emergency Bankruptcy Filing | Bankruptcy Mastery

by Cathy Moran, Esq.

Natural jeopardy likely to be for customer and counselor-at-law lurks in the emergency bankruptcy appeal for:  arrange without all the report about the shopper’s assets and modern transfers and you jeopardy getting next of kin members sued and the patient losing assets.

Chapter 5 of the Bankruptcy Criterion criteria deals with avoidable transfers, hallmark of the holdings, and exemptions. Those are imminent potholes if you don’t see them coming.   Let’s take avoidable transfers for admonition:  repayment of debts to blood members within 12 months of the filing are avoidable as preferences.  Data before you grasp who your patient has repaid in the before year, and you may be environs Grannie up as defendant in a entreaty to recuperate the payment your patron made to her.

Another gotcha is the revenues tax which becomes dischargeable after the accommodations of very fixed at all times periods.  Rank before the tax is sufficiently age-old, and you jeopardy having reach-me-down up your patient’s justly to file bankruptcy without having gotten rid of taxes that might be dischargeable  if you’d waited a bit longer.

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Marcarelli Law Group - Short Sale: Emergency Bankruptcy