Create a free account
Join Calaméo to publish and share documents with the world!
Rate and comment your favorite publications, download documents and share your readings with your friends.
Preferential_Transfer_of_Assets_-_Blog
1 pages
Published by
neil Derek
Preferential Transfer of Assets
If you have intended to file for bankruptcy owing to huge debts there is more probability
perhaps that the creditors might want to siphon your house and other property even before
you have actually filed...
[More]
Preferential Transfer of Assets
If you have intended to file for bankruptcy owing to huge debts there is more probability
perhaps that the creditors might want to siphon your house and other property even before
you have actually filed for insolvency and this is referred to as preferential transfer of
assets.
Creditors are more inclined to this method because by this way they can hope to
receive more than if your assets are liquidated according to the Bankruptcy code.
Sometimes there are major revelations in bankruptcy that a specific creditor has been
preferred over others as far as making payments are concerned or may be to a friend; to
sum up many small payments were made on one credit card in particular which is a proper
example of preferential transfer.
Preferences imply to all and any kind of property transfer
of the debtor which includes property, foreclosure, repossessions and
garnishments.
However the bankruptcy trustee has the power to prohibit confiscation of
assets if th
[Less]
Tags
advisable,
assets,
bankruptcy,
case,
consult,
creditor,
creditors,
days,
debtor,
filed,
lawyer,
payments,
place,
preferential,
property,
transfer,
trustee
