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I HAVE chapter 7 question. Indiana no im doing pre planning.

Customer Question
I HAVE chapter...

I HAVE chapter 7 question

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Indiana no im doing pre planning

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

30,000 in credit cards. 30,000 secured business loan

Submitted: 6 months ago.Category: Legal
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Answered in 6 minutes by:
1/4/2018
Lawyer: KLAW, Lawyer replied 6 months ago
KLAW
KLAW, Lawyer
Category: Legal
Satisfied Customers: 2,375
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Good evening. I am an attorney who will assist you this evening. Please give me more details about your question
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Customer reply replied 6 months ago
CHAP 7 credit cards no issues . have not used them . my question is - my inventory is 30,000 equal to the 30,000 floor plan. if sell all cars to pay business loan within 90 days of filing chap 7 will the trustee go after the floor plan company
Customer reply replied 6 months ago
THEY call this prefered payment to a creditor.
Lawyer: KLAW, Lawyer replied 6 months ago
I’m having a computer issue. I will opt out and let another expert assist you.
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Customer reply replied 6 months ago
Ok
Lawyer: Lori, Attorney replied 6 months ago
Lori
Lori, Attorney
Category: Legal
Satisfied Customers: 2,111
Experience: Attorney with over 25 years experience
Verified
Hello. I will try to assist. If you pay the floor plan creditor within the 90 days of filing bankruptcy, the payment will be clawed back as a preference. Why not let secured creditor take inventory if that is its collateral if your loan is in default?
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Customer reply replied 6 months ago
I have 10.000 my own $$$ in these cars.if i sell them i could sell for 35.000 at tax refund time in feb.or i could wait 90 days to file once loan is paid
Lawyer: Lori, Attorney replied 6 months ago
Okay, that makes a difference. Yes, please wait until after the preference period. There is nothing wrong with selling in the normal course of business.
Good luck.
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Customer reply replied 6 months ago
I stopped paying my credit cards this month .how long till i get papers to appear in court - since i cant file before may 1
Lawyer: Lori, Attorney replied 6 months ago
They will wait a few months before filing suit. Lots of calls and letters in the meantime.
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Lawyer: Lori, Attorney replied 6 months ago
Also be sure not to charge more than $675 to any one credit card within the 90 day preference period or it will not be discharged in the bankruptcy.
Hope that helps. Please be sure to accept my response so I get credit for responding.
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