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I hired an attorney for chapter 7 bankruptcy and because I paid my parents, I have to wait to file until that payment falls off the books. How does this effect the stay from creditors? My attorney seems to be too busy to answer.
4 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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There is no stay until you're filed. Refer creditors to your attorney & you probably won't get sued waiting to file.
Answered on Apr 07th, 2017 at 7:00 AM
Four years in Colorado. However, that's just a legal guess. I don't have all the facts.
Answered on Apr 06th, 2017 at 7:38 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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A payment to family members is not listed after two years.
Answered on Apr 06th, 2017 at 7:37 AM
Repaying your parents is called a preferential payment. In itself, has nothing to do with the stay or preventing you from filing bankruptcy. The reason your attorney recommended that you wait is so that the bankruptcy trustee will not sue your parents to return that money so that it can be shared among all your creditors. The look back period for preferential payments is one year. If you want to avoid disclosing this information to the bankruptcy court, that is how long you need to wait since you repaid your parents.
Answered on Apr 06th, 2017 at 7:37 AM