Can I Repay Debts Owed to Relatives Before Filing for Bankruptcy?
So, this is a very important question and one that we get quite often. When someone goes to file bankruptcy, the bankruptcy court is looking at their assets and debts at the time that they filed, but they’re also looking at the period of time before filing to see if any debts were transferred in order to offset obligations, especially to individuals that you know. So it can be quite risky if you’re repaying debts right before you file bankruptcy. This is an important area where the aid of a professional would be very valuable to help guide you.
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