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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4635
Experience:  35 plus years of experience specializing in bankruptcy law
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I loaned someone money who is now filling for Chapter 13.

Resolved Question:

I loaned someone money who is now filling for Chapter 13. Their attorney has sent me a tolling document and I am not sure what that means. Please explain the following: AGREED ORDER TOLLING STATUTE OF LIMITATIONS AS TO EDGAR FRANK AND PATRICIA Hxxxx ....... ORDERED, the statute of limitations under 11 U.S.C. §546(a)(1)(A) and applicable non-bankruptcy law is tolled as to the Transferees until such time as the debtor completes her payments under the Chapter 13 plan, the debtor modifies her Chapter 13 plan to reduce the base below $61,800.00 Or reduce the amount to be distributed to general unsecured creditors below $3,608.40; the debtor’s Chapter 13 case is dismissed; or in the event this case is converted to a case under Chapter 7, to two years from the date of conversion to Chapter 7. Thank you. Frank xxx
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 2 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. As a creditor, you have legal rights to enforce collection in the event that the debtor does not pay you. Likewise, if the debtor was to default, you have a certain time period to initiate a lawsuit. In addition, because the debtor filed chapter 13, you are being told that you cannot enforce collection of your debt (it is tolled for a set period) providing that the debtor makes his/her payments to the court as required by the plan. So, the short answer is that so long as payments are being made, you need to sit on the side lines and will get paid through the court plan. But if the debtor defaults in his/her payment to the court, you will be told and at that time you can resume your collection efforts and will not be affected by the statute of limitations as you can pick up where you left off. So it is a good thing for creditors.

I wish you well. Because I help people like you here, for a living---this is not a hobby for me---I sincerely XXXXX XXXXX abiding by the honor system with regard to Accepting answers, by Clicking your ACCEPT button now. Otherwise I do not get paid anything at all. BONUS and POSITIVE FEEDBACK are also appreciated An Accept also assures that I can assist you again. I wish you the best in your future.

Customer: replied 2 years ago.

I have received the following information from this person's attorney: How can we be made to pay money back that is owed to us? Do we have any other options?

 

I apologize for any confusion but I never indicated that the funds received from you by Ms. Palmer were a gift. You have been notified as one of her creditors due to the requirement that all of an individual debtor's creditors receive notice when any debt is owed. As one such creditor, you were repaid a portion of the amount Ms. Palmer owed you within the 12 month period prior to the date she filed Chapter 13 Bankruptcy, which she had to disclose. In addition, due to your relationship with Ms. Palmer, the repayment of those funds within that time frame is considered preferential and is prohibited. Therefore, the Chapter 13 Trustee has the power to avoid it by filing a lawsuit against you and seeking a court order requiring you to turn over all funds during that 12 month period. However, the Trustee has agreed to forego a lawsuit if you and Mrs. Harp sign the Agreed Order I sent to your sister yesterday (reattached today).

Expert:  dylatess replied 2 years ago.
Had you given me all the information in your first post, I would have responded differently. I will now yield to another expert to help you.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4635
Experience: 35 plus years of experience specializing in bankruptcy law
dylatess and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  dylatess replied 2 years ago.
The trustee is saying that you received preferential treatment. that is you received payment ahead of other creditors. As such, to be fair, and so that everyone receives their fair share, the trustee can ask that you repay any money you receievd so that it goes back into the pot and that way all creditors can receive a pro rata distribution based on the amount of their debt.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4635
Experience: 35 plus years of experience specializing in bankruptcy law
dylatess and 2 other Bankruptcy Law Specialists are ready to help you

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