While certain items may have more priority to cvertain things, generally all parties are to be given equal handling. Before or during BK, if you make a payment that benefits one disproportionatley, generally at the loss of others, it is a voidable action. If you paid your mortgage up to date (so you wouldn't have a chance to lose your house) - or paid your brother in law what he was owed, and didn't pay and distribute those assets used fairly to al creditors - ...thats a voidable preference.
No
You can dismiss a bankruptcy at any time. You can sell a home during a bankruptcy as well. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
That contract is voidable in nature
cases of voidable contract
A preference period is based on the relationship that a debtor has with a creditor. The debtor cannot transfer money to non-insider creditors during a 90 day period before filing for bankruptcy. The preference period for transfers made to insider creditors can be increased up to one year.
A chapter 7 bankruptcy is the nuclear bomb of debt clearing. It will however, not get rid of certain taxes, preference payments, college loans, and other not dischargeable debts.
citing the relevant authorities explain the differece between void and voidable marriages
A. Void B. Voidable C. Voiding D. Avoid ANSWER: A Void
In Georgia, a minor cannot sign a contract. If a minor does sign a contract, it is voidable because it is illegal.
The consequences of rescission of voidable contract is that the other party does not need to perform any promise contained in the contract.
No, but generally they receive higher preference than unsecured creditors that issued credit prior to the bankruptcy, should the chapter 11 company go to chapter 7.
Yes, whether or not that would be a preference and allow the BK trustee to "clawback" that money depends on your circumstances.