Best Estate Planning Attorneys in York, PA

Is bankruptcy on the horizon for you or a customer? Be careful: once a business declares bankruptcy, the trustee has broad powers to recover payments made to creditors by a person or firm on the verge of bankruptcy. These are called "voidable preferences". The payment must be for the benefit of a creditor, i.e., a transfer of money or a thing of value to the creditor; the payment must be used to pay a debt that existed before the transfer; the transfer was made while the debtor was insolvent; and the creditor received more value than it would have received in a Chapter 7 case if the transfer had not been made.