Question: Alex files a petition for bankruptcy under Chapter 7 . He owes $ 2 . 3 7 million to assorted creditors. Two months before filing,
Alex files a petition for bankruptcy under Chapter He owes $ million to assorted creditors. Two months before filing, he sold his beach house, which was valued at $ to his brother Jonah for $ If the trustee objects to the sale, most likely:
Jonah will keep the house because the sale occurred before the petition was filed.
The trustee will avoid the transfer and take back the house as part of Alex's estate.
The sale of the house will be considered a preference.
The trustee will take the house from Jonah and give it to the secured creditor
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
