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Nicolet Law managing attorney Russell Nicolet

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Don't Make Preferential Transfers Before You File Bankruptcy

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Don't Make Preferential Transfers Before You File Bankruptcy

Individual considering bankruptcy, thinking about a preferential transfer

Even before you file for bankruptcy in Wisconsin, it's important to keep an eye on what you do with your money and how you handle your debt. Paying recurring bills is fine—the electric bill, for example, or the water bill—but you do want to be careful about paying off specific debts or making large payments. These could be considered "preferential transfers."

Essentially, a preferential transfer is problematic with bankruptcy because it means that the lender who was paid was not impacted in the same fashion by the bankruptcy filing as the other lenders. This can result in lawsuits after you file, as other lenders seeking some of that money.

For example, imagine that you have three lenders who all loaned you $500,000. You only have $400,000 in capital, so you can't pay back the $1.5 million, and you're using bankruptcy to eliminate the debt. If you then pay all $400,000 to one lender, meaning that lender only loses out on $100,000, the other two—who are both losing half of a million dollars—will feel it was unfair.

This is especially problematic when you are paying off debts to people close to you. Perhaps two of the lenders are banks, for instance, while the third is your uncle, who is a successful businessman and wanted to invest in your company. The banks will argue that he got preferential treatment due to the family ties. They may then sue your uncle, saying that the $400,000 should have been spread out evenly.

If you want to learn more about what you should do before, during and after your bankruptcy filing, check out our site today.

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SEE HOW NICOLET LAW MAKES A DIFFERENCE IN OUR CLIENTS’ CASES

CAR ACCIDENT

Result with Nicolet Law 
$1,200,000.00

CAR ACCIDENT

Offer before Nicolet Law
$50,000.00

SEMI-TRUCK ACCIDENT

Result with Nicolet Law 
$700,000.00

SEMI-TRUCK ACCIDENT

Offer before Nicolet Law
$75,000.00

SLIP AND FALL ACCIDENT

Result with Nicolet Law 
$180,000.00

SLIP AND FALL ACCIDENT

Offer before Nicolet Law
$5,000.00

PEDESTRIAN HIT BY CAR

Result with Nicolet Law 
$1,050,000.00

PEDESTRIAN HIT BY CAR

Offer before Nicolet Law
$0.00 - denial

DRUNK DRIVING ACCIDENT

Result with Nicolet Law 
$815,000.00

DRUNK DRIVING VICTIM

Offer before Nicolet Law
$0.00

UTV ACCIDENT

Result with Nicolet Law 
$250,000.00

UTV ACCIDENT

Offer before Nicolet Law
$5,000.00
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Nicolet Law Office is honored to have been nominated for numerous awards for excellence in service and client satisfaction. Our attorneys have appeared in such prestigious lists as Top 40 Under 40 and Rising Stars. While we’re thankful to have the support of industry peers and independent third-party organizations, nothing beats the feeling of gratitude we share with clients when we can make a positive impact on their lives.

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12 locations in Wisconsin and Minnesota to serve you

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Wisconsin Locations:

EAU CLAIRE:

402 Graham Ave.
Suite 305
Eau Claire, WI 54701

Phone: 715-226-4155
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HUDSON:

517 2nd Street
Unit #205
Hudson, WI 54016

Phone: 715-226-4155
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LA CROSSE:

119 N 19th St S
La Crosse, WI 54601

Phone: 715-226-4155
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NEW RICHMOND:

1500 Madison Ave.
Suite 220
New Richmond, WI 54017

Phone: 715-226-4155
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RICE LAKE:
337 North Main Street
Rice Lake, WI 54868

Phone: 715-226-4155
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RIVER FALLS
215 S 2nd St #20
River Falls, WI 54022

Phone: 715-226-4155
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SUPERIOR:
1200 Tower Ave.
Superior, WI 54880

Phone: 715-226-4155
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WAUSAU:
408 3rd Street
Suite 303
Wausau, WI 54403

Phone: 715-226-4155
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Minnesota Locations:

DULUTH:
306 West Superior Street,
Suite 606 West
Duluth, MN 55802

Phone: 651-427-3331
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HIBBING:
Howard Court Bldg.
302 Howard Street, Suite 123
Hibbing, MN 55746

Phone: 651-427-3331
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MINNEAPOLIS:
225 South 6th Street
Suite 3900
Minneapolis, MN 55402

Phone: 651-427-3331
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WOODBURY:
724 Bielenberg Drive
Suite 126
Woodbury, MN 55125

Phone: 651-427-3331
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