Check out this bullshit

[PhilJr]

I recently had a customer declare bankruptcy on me and stuck me for about $9000. Attorney says they have a secured creditor and I won't see any money. Part of doing business, I extended them too much credit, I understand and wrote it off last year.

Now I get a letter from the attorney for the bankruptcy estate. It says that because I received payment from my customer 90 days prior to them declaring bankruptcy, the trustee attorney "may have the right to recover the payments as an avoidable preference". I may have to pay back $5000 that I received in that 90 days.

Guess what I have to do now? Of course, contact an attorney (and pay them) for their advice. Some of the laws in this country are really f'd up

[jcindaville]

Thats crap

[BettorsChat]

Why should they be able to recover the $5k when they still owe you $9k that is bullshit. Have you contacted more than 1 attorney? Or did any online research?

[weazel079]

The laws in this country are always out to help the underdog. The middle class people get fucked. Sorry to here this.

[flarendep1]

Attorneys have fucked up and keep weakening this country. Most politicians are Attorney's of course. Fuck them all.

Sorry Phil, isn't it great how the non productive feed off the productive like you? Total Bullshit.

[BettorsChat]

The laws in this country are always out to help the underdog. The middle class people get fucked. Sorry to here this.

The laws in this Country are for the privileged.

And they have the advantage.

[PhilJr]

Why should they be able to recover the $5k when they still owe you $9k that is bullshit. Have you contacted more than 1 attorney? Or did any online research?

I should have been a little clearer. It's not the company that stiffed me asking for the 5K, it's the trustee attorney for the bankruptcy estate of my former customer. From what I know so far, the law was put in to protect someone from liquidating all their assets before declaring bankruptcy. I see an attorney tomorrow. Stay tuned...

[BearDown]

That's capitalism for you. How can I take money from you legally.

[Shaun32]

Phil, I think you have a battle ahead of you. In my business, customers that have an open line of credit (AAA rated) we take the risk, but for companies that are below investment grade, we build in a fudge factor in the event they go belly up. The fudge factor can protect any portion that they have paid to our company (prior to filiing bankruptcy) in the event that any futher creditors, estate managers etc...try to put claim on that money. Keep in mind this fudge factor is only for money that they have paid to us while they were in business and does not take into consideration of what happens after Chapter 11 is filed....The fudge factor we use is $5,000. Good luck with speaking with your attorney.

[flarendep1]

That's capitalism for you. How can I take money from you legally.

I'll take capitalism over communism wear they take everything from you with force. While not perfect we are free and this is the best country in the world by far.

[Celtics86]

Attorneys have fucked up and keep weakening this country. Most politicians are Attorney's of course. Fuck them all.

Sorry Phil, isn't it great how the non productive feed off the productive like you? Total Bullshit.

This is a completely thoughtless and STUPID statement..... You sound like every dumbass fratboy I ever knew growing up...Regergitated bullshit from someone else.... Thats when I realized, life is much like gambling, if everybody thinks one thing, it's probably not the right way..... And you fit right in with the average foolish middle aged WHITE american.."Illegal wars can be justified...Healthcare for all is bad..I'm pro-life.. I'm pro-death penalty..I want to force the 10 commandments on everyone...I don't believe in SCIENCE" You sound like the communist....Good for you....

I WOULD HATE TO THINK WHERE THIS COUNTRY WOULD BE WITHOUT LAWYERS........

Phil, good luck with your case.... This is bullshit..

[flarendep1]

Wow Celtics, hit a hot button, glad intellectual libs like you are not running the country. I guess more laywers are just what we need to save this country, HAHAHA!!

Yes I am PRO-Life for the innocent babies slaughtered by your liberal "pro choice" policies. Yes I am PRO-Death for the scum who have murdered innocent people. Go on and light candles and march for your scumbags on deathrow with your other lib friends! I will take the side of the innocent babies.

[BettorsChat]

I should have been a little clearer. It's not the company that stiffed me asking for the 5K, it's the trustee attorney for the bankruptcy estate of my former customer. From what I know so far, the law was put in to protect someone from liquidating all their assets before declaring bankruptcy. I see an attorney tomorrow. Stay tuned...

Is that not the same thing? The Attorney for the Estate that paid you the money is now seeking the last payment back?

[PhilJr]

Is that not the same thing? The Attorney for the Estate that paid you the money is now seeking the last payment back?

Yep, but I may have a way out after talking with an attorney yesterday. There are 3 exceptions to being a preferential payment and I fall into 2 of those.
1. The payments were made in the ordinary course of past practices and in accordance within the practices of the industry.
2. One payment was made in order to get another shipment of material out. (which of course was a shipment I never got paid for)
It's only costing me about $800 to try and save $5000. Who wins on this besides the attorneys???

[BettorsChat]

Yep, but I may have a way out after talking with an attorney yesterday. There are 3 exceptions to being a preferential payment and I fall into 2 of those.
1. The payments were made in the ordinary course of past practices and in accordance within the practices of the industry.
2. One payment was made in order to get another shipment of material out. (which of course was a shipment I never got paid for)
It's only costing me about $800 to try and save $5000. Who wins on this besides the attorneys???

Normally the Attorneys are the ones who win in any Legal case. However, if $800 keeps your $5k then you come out ahead $4.2k which is great. Of course it's not what you should have gotten as you should have gotten all of your money.