A group of friends and I have been planing a vacation for the past year. We actually leave next Sat 2/13. To make things easier one of my friends made all the reservations using his credit card. I paid with a check each time a deposit was due along with the final payment. Since no cash was actually lent to me will this be consider an insider payment?
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Short answer is 'yes', because you used that money to pay back your friend instead of dividing the money equally amongst all of your creditors. It does not matter whether you used a check or gave the payments in cash.
Now, that being said, how much were/are your payments? What state are you in? When, if ever, do you plan on filing BK? What are your circumstances that brought you to this point? Answers to these questions will help members give you informed opinions.
My best~~"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
Total of the trip is around $2500. I live in CA. I am filing CH 7 because I have a house in AZ that I have been having trouble renting it out. I had to relocate to Southern CA due to a change in jobs. I also have alot of credit card debt. I plan on filling in the next few months, as soon as I pass the means test.
Also how will the trustee look at property bought from a friend. I bought a TV from a friend about six months ago.Comment
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