Asked by Taner Girgin on May 31, 2024
Verified
To have made a preferential payment that can be recovered, a debtor generally must have transferred property, for a preexisting debt, within_______of the filing of the petition in Bankruptcy.
A) ninety days
B) 120 days
C) 150 days
D) one year of the filing of the petition in
Preferential Payment
A payment made to a creditor before a bankruptcy filing that is considered unfair to other creditors.
Transferred Property
Assets or rights that have been legally moved from one owner to another through a sale, gift, or inheritance.
Preexisting Debt
Financial obligations or liabilities that exist before a specified event or transaction, such as taking out a new loan.
- Identify the types of transfers and payments that can be challenged or recovered in bankruptcy proceedings.
Verified Answer
Learning Objectives
- Identify the types of transfers and payments that can be challenged or recovered in bankruptcy proceedings.
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