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: Resolve Your Preference Problem through Chapter 13

Wasson and ThornhillBankruptcy Law

You can avoid the risks involved with dealing with the Chapter 7 trustee if you resolve your preference problem through Chapter 13.   Our last several blog posts have been about the problem of preference payments: 3 weeks ago we introduced the problem resulting from paying a favored creditor before you file bankruptcy 2 weeks ago we discussed avoiding the … Read More

Unexpected Benefit: Negotiate Out of a Preference Mess

Wasson and ThornhillBankruptcy Law

Your lawyer can likely negotiate with your Chapter 7 trustee to prevent the forced repayment of your prior payment to a relative or friend.   Our blog post two weeks ago introduced an uncomfortable problem: preference payments to a friendly creditor. (Please read that blog post before reading this one.) Then last week we discussed two possible solutions to this … Read More

Unexpected Benefit: Ways to Resolve a Preference Mess

Wasson and ThornhillBankruptcy Law

A possible preference mess is the forced repayment of your pre-bankruptcy payment to a relative or friend. Here are two solutions.   Last week’s blog post introduced an uncomfortable problem: preference payments to a friendly creditor. (If you haven’t already please read that one before reading further here.) The Solutions We ended that blog post by listing and giving short … 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 7 Trustee Opposing Your Discharge of Debts

Wasson and ThornhillDischarge of Debts

In most Chapter 7 cases nobody opposes your discharge of debts. They get written off. But the trustee is one who might raise issues.   Last week we discussed the role of the Chapter 7 trustee in reviewing your assets at the “meeting of creditors.” Today we get into the other main job of the trustee, to, “if advisable, oppose … Read More

Protecting Your Vehicle If It’s Worth Too Much

Wasson and ThornhillVehicles & Bankruptcy

Often your car or truck is fully protected in bankruptcy through an exemption. But if it’s worth too much bankruptcy can still protect it.   How Chapter 7 and Chapter 13 affect your vehicle and vehicle loan can determine which of these options you choose. That’s why we’ve focused the last several blog posts on the differences between these options. … Read More

A Simple Chapter 7 Asset Case

Wasson and ThornhillChapter 7

Chapter 7 “asset” cases may sound scary. They needn’t be. We walk you through a very straightforward example to demystify this.