Lump Sum Payment
January 5th, 2008 by Questions
Due to extenuating circumstances, I will be filing for bankruptcy in 2009. Would there be any repercussions if my in-laws paid off my secured loan now? I`m anticipating that a trustee/creditors will be reviewing my records, which may go back 12 months prior to an assignment and I don`t want this to be considered a preferential payment.
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January 07, 2008 at 10:30 am, Barton Goth GCO Bankruptcy Trustees said:
If the money clearly comes from your in laws and it easily traceable you shouldn’t have any issues with preferential payments or conveyances.
However, be careful that this doesn’t increase the equity value of the vehicle past the allowable amount in your provice and put the vehicle in jepoardy.