Keyword Analysis & Research: chapter 11 bankruptcy clawback period

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Frequently Asked Questions

What are the rules for a clawback in bankruptcy?

The rules depend on your relationship to the creditor: During the year before you file for bankruptcy, any payment of more than $600 to an "insider" creditor -- typically, a friend, family member, or business associate -- counts as a preference, subject to the clawback.

What is a Chapter 11 bankruptcy?

A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.

Can a trustee void a transfer and clawback in bankruptcy?

For example, paying back a loan from your parents just before you file for bankruptcy will typically be considered a preferential debt payment. Whether the trustee can void a transfer and claw back the property depends on the value, timing, and recipient of the payment.

How does a stay of creditor actions work in Chapter 11 bankruptcy?

As with cases under other chapters of the Bankruptcy Code, a stay of creditor actions against the chapter 11 debtor automatically goes into effect when the bankruptcy petition is filed. 11 U.S.C. § 362 (a). The filing of a petition, however, does not operate as a stay for certain types of actions listed under 11 U.S.C. § 362 (b).

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