Legal Question in Bankruptcy in Michigan
bankruptcy - business
If I receive a check from a creditor in my business, just before he files bankruptcy, can the payment be reclaimed by the bankruptcy trustee?
Asked on 7/25/07, 11:19 am
3 Answers from Attorneys
Rochelle Guznack
Law Offices of Rochelle E. Guznack, PLLC
Re: bankruptcy - business
If it is over a certain amount, yes, the payment can be reclaimed by the Trustee.
Answered on 7/25/07, 11:52 am
Terrance Leeders
Leeders Law
Re: bankruptcy - business
The trustee in the bankruptcy case can pursue preferential payments before bankruptcy that are not in the normal course of business. You may want to hang onto the money in the bank just in case this happens.
Answered on 7/25/07, 12:15 pm
Charles Dobra
Charles Wm. Dobra, Ltd.
Re: bankruptcy - business
This could be viewed as a preference.
Answered on 7/25/07, 2:26 pm
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