|
Use of "Avoiding Powers" -
|
Tweet | ||
|
Avoiding Powers Can Be Damaging
If a transfer has been made in the past 90 days, or year (for
insiders and relatives), to which the debtor does not object. As a strategy, the
debtor may wish to wait until the preference or other period has expired, before
filing
the bankruptcy petition. Otherwise, the trustee may exercise his avoiding
powers to recover the payment or other property transferred. Summary In conclusion "Avoiding Powers" can be very powerful rights. The debtor and his attorney should review these matters, and time the filing to take full advantage of them. If the bankruptcy filing is delayed, it may result in the loss of valuable legal rights. On the other hand, if a transfer has been made to which the debtor does not object, the debtor may wish to wait until the preference or other period has expired, before filing the bankruptcy petition.
Written by Henry Rendler | ![]() | ![]() ![]() ![]() ![]() ![]() ![]() ![]() - Automatic Stay - Avoiding Powers ![]() - Lien-stripping - Race to the Courthouse ![]() ![]() - Bankruptcy Estate - Federal - Homestead - Planning ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |