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What Does ‘Clawback’ Mean in a Bankruptcy?

Young female businesswoman listening to male businessman speak | Bankruptcy Clawback | Alfred Abel Law Offices

Just before filing bankruptcy, if a debtor decides to transfer title of an asset, like a house or a business, the asset may be returned to the debtor’s estate under the clawback provision in bankruptcy law. In some situations, the bankruptcy trustee appointed to manage the debtor’s financial affairs can recover those pre-bankruptcy assets from individuals or companies who received them.

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What You Need to Know About Bankruptcy Preferences

Pictured is a tabletop with the hands of two people examining paperwork | Alfred Abel Discusses What You Need to Know About Bankruptcy Preferences

As Philadelphia bankruptcy lawyers, clients often ask us if a bankruptcy court will look at debts already paid to creditors prior to filing a bankruptcy case. While filing bankruptcy addresses debts that a debtor is no longer able to pay, bankruptcy also looks at payments made to creditors that occur during a specific time period before the bankruptcy filing. In fact, under the bankruptcy preferences law, a bankruptcy trustee can require payments made to creditors shortly before the bankruptcy filing be paid back to the trustee.

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