Bankruptcy Articles & Information » Automatic http://www.bankruptcy-articles.com Bankruptcy Information for You! Thu, 29 Jul 2010 11:29:55 +0000 http://wordpress.org/?v=2.9 en hourly 1 Automatic stay in bankruptcy http://www.bankruptcy-articles.com/2010/02/automatic-stay-in-bankruptcy/ http://www.bankruptcy-articles.com/2010/02/automatic-stay-in-bankruptcy/#comments Tue, 02 Feb 2010 23:04:07 +0000 Bankruptcy Articles http://www.bankruptcy-articles.com/2010/02/automatic-stay-in-bankruptcy/ Exception to automatic stay – 362(b)(22) added in 2005 doesn’t apply because debtor is not residing in property pursuant to a lease or rental agreement. Time to redeem has expired so debtor has a bare possessory interest, but even that is protection by the bankruptcy automatic stay. I’ve heard creditor attorneys verify that in ICLE seminars, waiting until end of the redemption period to file buys the debtor more time since they have to motion for relief from stay, and even after that they have to obtain an eviction order. Client will be a business bankruptcy case. But in December he paid his sister $2,000 on an Oklahoma personal loan. 547(c)(9) sets the minimum on a preference in a business debt case at $5475. The floor applies to the case, not the particular debt. So if the debt is not primarily consumer debt, preference floor is $5475. Insider preferences of less than that have to be disclosed on the SOFA, but are not recoverable.

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