Legal Question in Bankruptcy in Ohio

CLEVELAND OHIO........almost 2 1/2 years ago I paid on my daughters credit card in which I was an authorized used........she had gotten the card for me....I paid a LARGE payment of 5000 and now my question is...in OHIO would that be a fradulent transfer or a insider payment? or a preferential payment can a trustee go back 2 1/2 years in OHIO and retrive it? Thank you in advance also how long is the look back in Ohio for preference payments? fradulent transfers?


Asked on 4/05/10, 9:47 pm

1 Answer from Attorneys
David Michael Benson Benson Law Firm

In a statement of financial affairs, a debtor must list the following:

ORDINARY CREDITORS

A. Primarily consumer debts: All payments on loans, installment purchases of goods or services, and other debts to any creditor made within 90 days immediately preceding the commencement of the case unless the aggregate value of all property that constitutes or is affected by such transfer is less than $600.

B. Not primarily consumer debts: Each payment or other transfer to any creditor made within 90 days immediately preceding the commencement of the case unless the aggregate value of all property that constitutes or is affected by such transfer is less than $5,850 ($5,475 before 4/1/2010).

INSIDERS

All payments made within one year immediately preceding the commencement of the case to or for the benefit of creditors who are or were insiders.

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Answered on 4/14/10, 1:02 pm


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