When Gift-Giving Is a Fraudulent Transfer, and When It Isn’t

Wasson and ThornhillBankruptcy Law

Gift-giving, including selling something for much less than it’s worth, can be a problem in a latter bankruptcy. But usually it’s not.   Most people filing bankruptcy have neither a need nor the desire to hide anything from their creditors. There’s no need because most people’s assets are already protected through state and federal laws. There’s no desire because most … Read More

Unexpected Benefit: Prevent the Forced Repayment by a Favored Creditor

Wasson and ThornhillBankruptcy Law

Prevent the forced repayment of a pre-bankruptcy payment to a relative or friend. If other solutions don’t work, Chapter 13 usually will.   Our last two blog posts have been about one of the more confusing parts of bankruptcy: the law of preferences. This law says that if a creditor takes or receives money from you within the 90 days … Read More

The Chapter 13 Confirmation Hearing

Wasson and ThornhillChapter 13

At the Confirmation Hearing (which you almost never need to attend) the bankruptcy judge “confirms” (approves) your Chapter 13 payment plan.   The Chapter 13 Plan As we said last week about the Meeting of Creditors, a Chapter 13 case is all about “the plan.” The plan is your financial road map during the 3 to 5 years that you … Read More