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Corp BK
That should have said filing a corporate case was imprudent.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868 (805) 497-5864 (Facsimile)
In a message dated 4/29/2016 11:21:16 A.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Yes. accordingly filing a voluntary bankruptcy case is improvement.
Mark Jessee
Sent from my iPhone
On Apr 29, 2016, at 10:38 AM, Shannon Doyle
_sdoyle@ebankruptcyassistants.com_ (mailto:sdoyle@ebankruptcyassistants.com) [cdcbaa]
wrote:
Corporation owned restaurant. Debtor/Corporation sold restaurant. Proceedsof the sale went to owner of the Corp/Debtor and also paid off some debtsthat were personally guaranteed by owner. Isnt this a payment to insider
and subject to preference action? Also owner took a note for the sale ofthe restaurant and is being paid personally. Can the trustee go after debtor
personally for the note to pay some of the debts of the corporation?
Shannon A. Doyle
Attorney | Virtual Bankruptcy Assistant
Phone: 855-378-4080
Fax: 562-249-8435
Licensed in California
__ (http://www.ebankruptcyassistants.com/)
__ (https://www.facebook.com/ebankruptcyassistants)
__ (https://twitter.com/attorneyvba) __
(https://plus.google.com/u/0/) __
(http://www.linkedin.com/home?trknav_responsive_tab_home) __ (mailto:sdoyle@ebankruptcyassistants.com)
That should have said filing a corporate case was imprudent.
Mark T.
JesseeLaw Offices of Mark T. Jessee"A Debt Relief Agency"50 W.Hillcrest Drive, Suite 200Thousand Oaks, CA 91360(805) 497-5868 (805)
497-5864 (Facsimile)
In a message dated 4/29/2016 11:21:16 A.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Yes. accordingly filing a voluntary bankruptcy case is
improvement.Mark Jessee
Sent from my iPhone
On Apr 29, 2016, at 10:38 AM, Shannon Doyle
The post was migrated from Yahoo.
It's potentially a FT to the owner and potentially a preference to guaranteed debts.
Preference requires a comparison to what creditor would receive if those funds pass through a ch7 estate.
Sent from my iPhone - please excuse typos.
> On Apr 29, 2016, at 10:38 AM, Shannon Doyle sdoyle@ebankruptcyassistants.com [cdcbaa] wrote:
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> Corporation owned restaurant. Debtor/Corporation sold restaurant. Proceeds of the sale went to owner of the Corp/Debtor and also paid off some debts that were personally guaranteed by owner. Isnt this a payment to insider and subject to preference action? Also owner took a note for the sale of the restaurant and is being paid personally. Can the trustee go after debtor personally for the note to pay some of the debts of the corporation?
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> Shannon A. Doyle
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> Attorney | Virtual Bankruptcy Assistant
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> Phone: 855-378-4080
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> Fax: 562-249-8435
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> Licensed in California
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The post was migrated from Yahoo.
Yes. accordingly filing a voluntary bankruptcy case is improvement.
Mark Jessee
Sent from my iPhone
> On Apr 29, 2016, at 10:38 AM, Shannon Doyle sdoyle@ebankruptcyassistants.com [cdcbaa] wrote:
>
> Corporation owned restaurant. Debtor/Corporation sold restaurant. Proceeds of the sale went to owner of the Corp/Debtor and also paid off some debts that were personally guaranteed by owner. Isnt this a payment to insider and subject to preference action? Also owner took a note for the sale of the restaurant and is being paid personally. Can the trustee go after debtor personally for the note to pay some of the debts of the corporation?
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> Shannon A. Doyle
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> Attorney | Virtual Bankruptcy Assistant
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> Phone: 855-378-4080
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> Fax: 562-249-8435
>
> Licensed in California
>
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The post was migrated from Yahoo.
Payroll is a 507(a)(4) priority for a capped amount (still $10k?) within 180 days of petition date.
Would be preference (within one year - insider)if received more than would have received through chapter 7. Peter M. Lively, J.D., M.B.A.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Tuesday, August 4, 2015 9:49 AM, "Shannon Doyle sdoyle@ebankruptcyassistants.com [cdcbaa]" wrote:
Husband owner of Corp died. Wife has a management obligation to the Corp but not the license to run it so Corp will close. Wife used her personal funds to pay payroll. The only asset of the Corp is 45k accounts receivable. The only debt of Corp is a lawsuit for 85k (+ Wife for payroll). Can Wife take the accounts receivables to pay herself back then have the Corp close and/or file BK or will this be considered a preference? Doesnt payroll get priority?
| Shannon A. Doyle Attorney | Virtual Bankruptcy Assistant Phone: 855-378-4080 Fax: 562-249-8435 |
The post was migrated from Yahoo.