Recovery? Depends on Your Preference.

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The economy continues to struggle to mount a real recovery. Economists and banking experts argue about how to maintain the little bit of momentum we’ve seen over the last six months. From our view as Virginia creditors rights lawyers, we think there is a coming wave of preference claims that will surprise a lot of companies that were thanking their lucky stars that they had collected their accounts due before customer X, Y and Z had filed for bankruptcy.

Probably the hardest thing for a bankruptcy attorney to explain to his or her corporate client is the concept of a bankruptcy preference claim. The common refrains are: “You have to be kidding me!” “I received a payment and now I have to give it back!!?” “They owed us this money, so why do we have to give it back?”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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