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Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience:  10 years Exp., Great customer service, Prompt responses.
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i think my last question didnt go through. if i go to court

Resolved Question:

i think my last question didn't go through. if i go to court and get a judgment can i still settle afterwards for less than the judgment amount. i think i will defer a bankruptcy decision until i go to court and see if i lose. i hope not to since it's such a fake lawsuit but you never now.
also if the total amount of payments to all credit cards and others in the 3 months before you file total around $4,000 or less is it likely that the trustee would invoke a clawback.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Paul K, Esq. replied 1 year ago.

Paul K, Esq. :

Hello, my name is XXXXX XXXXX I would love to assist you. Give me a moment to research your issue and I will answer promptly.

Paul K, Esq. :

That is a good question.

Paul K, Esq. :

It really depends on teh creditor, but the answer is Yes.

Paul K, Esq. :

They have to agree to settle for less, but it happens often.

Paul K, Esq. :

For example, if you get a judgment for $4,000.00 and call the creditor and say "I know it is for $4k, but if I give you $2,500.00 this week, can that be a final settlement on the account?"

Paul K, Esq. :

Quite often they will say yes to that.

Paul K, Esq. :

The preference period of 90 days applies to all creditors who received $600.00 or more per creditor. So if 4 creditors got $1,000.00 each, yes the Trustee is likely to do that. Now if 10 creditors got $400 each, then the Trustee cannot go after that money.

Paul K, Esq. :

If you have any other questions, please let me know.

Paul K, Esq. :

I will be off and on throughout the day and evening, so I will check back periodically to see if you have further questions.

Paul K, Esq. :

Good luck, I know frivolous lawsuits can be awfully annoying and stressful, so I hope it works out for you.

Paul K, Esq. :

As always, be sure to provide a positive rating when I have completely answered your questions.

Paul K, Esq. :

Have a great day!!!!\

Customer:

i plan to reaffirm a few debts that were my personal debts not my husband's business debts that i guaranteed. i therefore think a seven should be possible since we owe the small business administration over a million dollars and have no assets. (we were 9/11 victims and took out loans that they promised would become grants but never did.) personally i owe about 20,000 and i've been current on all my debts. i am also repaying non-government business debts.

Customer:

should i care if the trustee does a clawback? it's such a small amount of money it seems hardly worth their time.

Paul K, Esq. :

No, a clawback does not affect you at all, so it is ok.

Paul K, Esq. :

Basically they will take the money back and then spread it evenly amongst the other creditors. This can tend to help you at times because it can take money from a unsecured creditor and redistribute it to a priority creditor, like taxes, so that you get credit for the money.

Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience: 10 years Exp., Great customer service, Prompt responses.
Paul K, Esq. and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  Paul K, Esq. replied 1 year ago.
Thanks for the review and bonus. If you have further questions at any time, please let me know!!! Good luck.
Customer: replied 1 year ago.


i was planning to pay some past due sales tax from the company before filing. i would have to pay it anyway. i assume that tax is an amount that is not subject to clawback.

Expert:  Paul K, Esq. replied 1 year ago.
Usually not. Most often taxes are allowed to be paid, so that would be ok.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience: 10 years Exp., Great customer service, Prompt responses.
Paul K, Esq. and 2 other Bankruptcy Law Specialists are ready to help you

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