Times are tough ... inflation is raging, stimulus ended, and interest rates about to increase. Many people have not fared well through the Covid-19 pandemic. Also, some people relied on family and friends for help to make ends meet. The natural desire is to pay back friends and family first.
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It may also be considered a "fraudulent conveyance." When you pay money to a friend or family member, an "insider", to avoid paying another creditor like a credit card company, a court could find this a "fraudulent conveyance." As a result, a Trustee can look to recover the payments from your family and friends. Don't get caught in this situation; talk to a bankruptcy attorney.
If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.
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