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Insider payments Section 547
Yes.
Wesley H. Avery, Esq.
Bankruptcy Trustee
758 E. Colorado Blvd. Ste. 210
Pasadena, CA 91101-2105
wavery@thebankruptcylawcenter.com
wes@averytrustee.com
(626) 395-7576 (office)
(661) 430-5467 (fax)
(661) 618-7376 (cell)
Certified Specialist
Bankruptcy Law
State Bar of California
Board Certified
Business Bankruptcy Law
American Board of Certification
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On Monday, April 22, 2019, 05:48:05 PM PDT, Mark Jessee jesseelaw@aol.com [cdcbaa] wrote:
Were mom and dad secured or unsecured? (I am betting unsecured based upon your description and that usually the down payment is supposed to come from buyers' own assets and the buyers typically specifically represent they have not borrowed the money from someone else.) If unsecured it definitely would be a preferential transfer to an insider and you need to wait the year.
If the PC potentially made a false representation to obtain the loan it might be prudent to advise caution and first make sure there is currently no potential criminal or civil liability for the false representation before filing a bk case.
Mark T. JesseeLaw Offices of Mark T. Jessee50 W. Hillcrest Drive, Suite 200Thousand Oaks, CA 91360"We are A Debt Relief Agency"(805) 497-5868(805) 497-5864 Facsimile
In a message dated 4/22/2019 5:10:04 PM Pacific Standard Time, cdcbaa@yahoogroups.com writes:
Client sells house and pays back the down payment money he borrowed to originally buy house. Mom and dad were the lenders on that down payment.
As I read Section 547, as this is an insider payment, we need to wait one full year after that payback to mom and dad to file for BK, otherwise the trustee has the ability to drag that money back into the case for the benefit of the creditors.
Have I got this right?
Desiree Causey, Esq.
Law Office of Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
714-372-2225 (phone)
714-908-7646 (same fax number)
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Were mom and dad secured or unsecured? (I am betting unsecured based upon your description and that usually the down payment is supposed to come from buyers' own assets and the buyers typically specifically represent they have not borrowed the money from someone else.) If unsecured it definitely would be a preferential transfer to an insider and you need to wait the year.
If the PC potentially made a false representation to obtain the loan it might be prudent to advise caution and first make sure there is currently no potential criminal or civil liability for the false representation before filing a bk case.
Mark T. JesseeLaw Offices of Mark T. Jessee50 W. Hillcrest Drive, Suite 200Thousand Oaks, CA 91360"We are A Debt Relief Agency"(805) 497-5868(805) 497-5864 Facsimile
In a message dated 4/22/2019 5:10:04 PM Pacific Standard Time, cdcbaa@yahoogroups.com writes:
Client sells house and pays back the down payment money he borrowed to originally buy house. Mom and dad were the lenders on that down payment.
As I read Section 547, as this is an insider payment, we need to wait one full year after that payback to mom and dad to file for BK, otherwise the trustee has the ability to drag that money back into the case for the benefit of the creditors.
Have I got this right?
Desiree Causey, Esq.
Law Office of Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
714-372-2225 (phone)
714-908-7646 (same fax number)
Privileged And Confidential Communication.
This electronic transmission, and any documents attached hereto, (a) are protected by the Electronic Communications Privacy Act (18 USC 2510-2521), (b) may contain confidential and/or legally privileged information, and (c) are for the sole use of the intended recipient named above. If you have received this electronic message in error, please notify the sender and delete the electronic message. Any disclosure, copying, distribution, or use of the contents of the information received in error is strictly prohibited.
Please consider the environment before printing this e-mail.
Were mom and dad secured or unsecured? (I am betting unsecured based upon your description and that usually the down payment is supposed to come from buyers' own assets and the buyers typically specifically represent they have not borrowed the money from someone else.) If unsecured it definitely would be a preferential transfer to an insider and you need to wait the year.
If the PC potentially made a false representation to obtain the loan it might be prudent to advise caution and first make sure there is currently no potential criminal or civil liability for the false representation before filing a bk case.
The post was migrated from Yahoo.
Client sells house and pays back the down payment money he borrowed to
originally buy house. Mom and dad were the lenders on that down payment.
As I read Section 547, as this is an insider payment, we need to wait one
full year after that payback to mom and dad to file for BK, otherwise the
trustee has the ability to drag that money back into the case for the
benefit of the creditors.
Have I got this right?
Desiree Causey, Esq.
Law Office of Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
714-372-2225 (phone)
714-908-7646 (same fax number)
Privileged And Confidential Communication.
This electronic transmission, and any documents attached hereto, (a) are
protected by the Electronic Communications Privacy Act (18 USC
2510-2521), (b) may contain confidential and/or legally privileged
information, and (c) are for the sole use of the intended recipient named
above. If you have received this electronic message in error, please notify
the sender and delete the electronic message. Any disclosure, copying,
distribution, or use of the contents of the information received in error is
strictly prohibited.
Please consider the environment before printing this e-mail.
The post was migrated from Yahoo.