"Preferential Payments Bankruptcy"
If you're considering filing for bankruptcy, you may be wondering if preferential payments will impact your case. Here's what you need to know about preferential payments and bankruptcy.
When you file for bankruptcy, all of your assets become property of the bankruptcy estate. This includes any money that you owe to creditors. The bankruptcy trustee then has the authority to collect this money and use it to pay off your debts.
Preferential payments are payments made to certain creditors before others. These payments are typically made within the 90 days before you file for bankruptcy. If the trustee finds that you've made preferential payments, they can recover those payments and distribute them evenly among all of your creditors.
However, there are some exceptions to this rule.
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