Preference Actions - Section 547 of the U.S. Bankruptcy Code permits the avoidance of transfers in the 90 days (or, in the case of insiders, one year) before the petition that give the creditor an advantage to which it is not entitled in bankruptcy. A trustee administering the bankrupt estate will file a preference action against a creditor seeking to recover these transfers as property of the estate. However, section 547 does not allow the trustee to impugn every transfer to creditors in this period --- only those that satisfy all of the elements listed under 11 U.S.C. section 547(b). If any one of the elements is not satisfied, then the transfer cannot be avoided. Even if all of the elements are satisfied, the trustee may still be prevented from avoiding the transfer to the extent the transfer fits within one of the exceptions in 11 U.S.C. section 547(c).
Relief From Stay Motions - The automatic stay is provided for in 11 U.S.C section 362. Its effect is to impose a wide-ranging prohibition on all activity outside the bankruptcy forum to collect prepetition debt from the debtor or to assert or enforce claims against the debtor’s prepetition property or estate property. The stay of a particular activity may be lifted by the court following application for relief from stay under 11 U.S.C section 362(d).
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