FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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bankruptcy

one week before my bankruptcy i paid $15000 to my sons bank student loan ( i was cosigner for that loan) my Licensed Insolvency Trustees get the money back from bank layer ( because the loan was in dispute ie in court) is it legal to do so by trustees.

Posted from: Ontario

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One Response to “bankruptcy”

A licensed trustee said...

What you did is called a preferential payment – by repaying that loan just before you filed for bankruptcy you treated that creditor better than all of your other creditors. Your trustee is reqquired by law to recover those funds and distribute them as part of the bankrptcy payout – that way all of your creditors will receive their fair portion of the $15,000. Your trustee has done exactly what they are supposed to do in this kind of situation…