Here's what this law is in effect for:
I owe Dimer, JC, Spark, and KB $ 25,000 each. I have $ 25,000 to my name with little hope for future income. I give the $ 25,000 to JC, for whatever reason, then I declare Bankruptcy. That's not fair to the other 3. That's why they are looking at taking that money back from JC and splitting it up amongst all the creditors. There is some meirit to it. But I wish you well Phil. Hope you get it all
I owe Dimer, JC, Spark, and KB $ 25,000 each. I have $ 25,000 to my name with little hope for future income. I give the $ 25,000 to JC, for whatever reason, then I declare Bankruptcy. That's not fair to the other 3. That's why they are looking at taking that money back from JC and splitting it up amongst all the creditors. There is some meirit to it. But I wish you well Phil. Hope you get it all
Comment