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What Are Preference Payments in Bankruptcy?

When you file bankruptcy, there are rules established by the Bankruptcy Code. One rule addresses payments made to creditors within 90 days of filing for bankruptcy. The name for these payments is preference payments. As the name implies, the creditor obtaining the payment receives preference over other creditors who are also owed money. The bankruptcy… Read More »

When Can the Court Revoke a Bankruptcy Discharge?

While debtors may feel like they are home free once they receive a discharge in bankruptcy, under certain circumstances the court can revoke discharges.  The legal concept behind revocation is to see that justice is served, and when the court suspects that a debtor obtained a discharge dishonestly, that discharge is simply not set in… Read More »