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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16301
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I recently filed chapter 7 on my business. The trustee has

Resolved Question:

What are the ramifications if I cannot pay a bankruptcy trustee order to give back money based on their findings of "preferential payment". Or if adversary proceedings are conducted and I do not have the capital to pay?

Thanks

Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.
is this part of a chapter 7 or chapter 13?
Customer: replied 4 years ago.
Expert:  WALLSTREETESQ replied 4 years ago.
the options the trustee has is to not allow the discharge to happen, and eventually disimiss the case, or if the case was discharged already, have the amount issued as a civil fine, where he would get a judgment against you and collect.

Edited by k. paturi on 3/5/2010 at 8:51 PM EST
Customer: replied 4 years ago.

I am at the situation now where in trying to save my business, I sunk most of my cash into the business but now the bankruptcy trustee wants money I do not have. I can't pay them. My question is if I dont pay what can they do to me. Jail..Seize home, bank account etc..

 

Thanks

Expert:  WALLSTREETESQ replied 4 years ago.

this is a court procedure, if you do not have the money to pay him, you should have a bankruptcy attorney to represent you , and object to the trustees request, the trustee does not have the right to demand things from you without you having a chance to challenge him.

 

If you lose the case, the court can liquidate your own assets, either the home or bank accounts, but you need to fight it.

Customer: replied 4 years ago.

Last question, thanks for the help!

 

Will they allow me to make payment arrangements for the amount they are seeking? (or) is it pay us in full or suffer the consequences?

Expert:  WALLSTREETESQ replied 4 years ago.
the Court will want the money upfront, but they will accept a payment plan, if the assets are in property, and will take time to liquidate, also consider converting the case to a chapter 13, which is your right, where you may be in a better position to protect your assets.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16301
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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WALLSTREETESQ
WALLSTREETESQ
Bankruptcy Lawyer
16301 Satisfied Customers
14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS