What are avoidance powers in bankruptcy?

Posted on October 31, 2009. Filed under: Uncategorized |

A great description of what types of transfers a debtor or trustee can avoid, or set aside, in bankruptcy court, by Jacksonville Bankruptcy Attorney Chip Parker:

Bankruptcy relief accomplishes three main goals: i) for the debtor, provides the necessary “breathing room” to propose a debt adjustment plan or reorganization plan; ii) for the debtor’s creditors, ensuring property of the estate (which includes wages earned post-petition) is distributed in accordance with priorities set forth under the Bankruptcy Code; and iii) preservation and maintenance of estate property.

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