Student Loans Sending Parents Into Bankruptcy

We all want to do what is best for our children, but going deep into debt so they can go to their dream school may not be the best choice. Some parents are being forced to file for bankruptcy after taking out Parent PLUS loans on behalf of their children. This is bad in and of itself, but it is made worse by the fact that PLUS loans, like other student loans, are difficult to discharge through bankruptcy

What Are Parent PLUS Loans?

The amount of debt a student is able to take on in order to get a college education is limited. Policymakers don’t want young adults to bite off more than they can chew, so they cap the amount they can borrow. For many students, the amount they are able to borrow is less than they need to go to their dream school. Enter the Parent PLUS loan. 

Parent PLUS loans are capped at a much higher amount. Borrowers can take out the total cost of attendance, minus any other aid provided. 

These loans are underwritten by the federal government, so many people assume they are a good idea. While they may work well for families, they are very risky for others. The interest rates are relatively high, the income-driven repayment plans are expensive, and if you default, the government can confiscate your tax refunds and garnish your wages and Social Security.

PLUS Loans Grow In Popularity 

Despite the risk of taking out a Parent PLUS loan, a growing number of parents are doing so in order to ensure their kids get the education they want. 

“At the end of last year, there were 3.6 million loan recipients with nearly $101 billion in Parent PLUS loans — an increase of about 40% from $72.2 billion (adjusted for inflation) at the end of 2014.” 

Data from the Federal Reserve reveals that people over the age of 50 are taking out students at one of the fastest-growing rates. Since most college students are younger than that, this indicates that these loans are probably Parent PLUS loans. 

Difficult To Discharge 

When a family is hit with the first statement, or heaven-forbid, faces some sort of life-altering challenge that makes it difficult to make payments, reality sets in. Parent PLUS loans are not a lifeline, they are an anchor. They will drag your family down when you are struggling to keep your head above water. 

PLUS loans, like other student loans, are not always dischargeable through bankruptcy. A filer must prove repaying the loans would be an undue hardship. This is a difficult burden to meet, but the difficulty of meeting it should not prevent you from seeking relief and consulting with one of the experienced bankruptcy attorneys at Hanson & Payne. 

A Milwaukee Area Bankruptcy Attorney You Can Trust 

If you are struggling to keep up with payments on your Parent PLUS loans, or other student loans, Hanson & Payne is here for you. Our Milwaukee attorneys have handled many bankruptcy cases where student loans played a role. Please contact us today to schedule a free consultation. 

Sen. Baldwin Objects To Purdue Pharma Bankruptcy Plan

Purdue Pharma, the company that makes the painkiller OxyContin, filed for Chapter 11 bankruptcy in 2019. As it prepares to exit bankruptcy and move forward, it is facing some opposition. Among those who oppose Purdue’s post-bankruptcy plans is Wisconsin Senator Tammy Baldwin. Baldwin took the unusual step of writing to the bankruptcy court to argue for changes to Purdue’s reorganization plans.  

The Hanson & Payne team was already monitoring this case because it is a big one, but Baldwin’s interest in it makes it even more important. Is this a one-off situation, or will our Senator comment on future bankruptcy cases? 

Purdue Declares Bankruptcy 

Purdue Pharma is the creator and heavy marketer of OxyContin, which many view as the seed that started the opioid epidemic. Thousands of families and governmental bodies have filed lawsuits against Purdue and the Sackler family, which controls the company, in an attempt to hold it responsible for what many consider irresponsible prescribing and insufficient warnings about Oxy’s potential for abuse. In response, Purdue filed for Chapter 11 bankruptcy. 

The company’s reorganization plan dissolves the drugmaker and shifts assets to a new charity-oriented company not controlled by Sackler family members. It will funnel its profits into government-led efforts to prevent and treat addiction. The proposed plan also sets up a compensation fund that will pay some victims of opioid abuse an expected $3,500 to $48,000 each. After these actions are taken, the Sackler family will be shielded from future opioid litigation.

Opposition To Purdue’s Reorganization Plan

Many people are dissatisfied with Purdue’s reorganization plan. Even the DOJ is considering appealing its approval.

Just before the reorganization plan was approved, Wisconsin Sen. Tammy Baldwin and a handful of other lawmakers sent a letter to the judge overseeing the case, urging him to reject it:

We write today in opposition to Purdue Pharma’s recent motion requesting $34.7 million in employee bonuses, including $5.4 million for its top executives, as part of Purdue’s Chapter 11 reorganization plan. 

 

[…]

 

While employee retention can be an important aspect of bankruptcy reorganization plans, Purdue has pled guilty to multiple federal crimes and is facing thousands of lawsuits, including those from states, localities, and individual claimants, for tens of billions of dollars. Furthermore, the bonus request is completely untenable with the company’s plan to transition to a public benefit company (PBC) that functions “entirely in the public interest” and demonstrates a complete lack of understanding about the company’s future.

 

It would be contrary to public policy and public health – and a miscarriage of justice – to provide those running an alleged “criminal enterprise” with upwards of $35 million in bonuses, including $5.4 million for top executives and $67,000 per employee, while individual victims can receive no more than $48,000. We therefore request reallocation of these funds towards settlements with victims, their families, and states and localities.

The letter ended up not having any impact, but it is still notable. While the Purdue bankruptcy is unique, Baldwin’s involvement in the opposition has made many Wisconsin companies sit up and take note. The Hanson & Payne team will be keeping a close eye on this case, and watching to see if Baldwin’s actions were a response to this unusual case, or if she is taking an active interest in additional bankruptcies.

Mark Twain’s Safety Net: Bankruptcy

“There are two times in a man’s life when he should not speculate: when he can’t afford it and when he can.” -Mark Twain

Although he married into a wealthy family, was a best-selling author, invented a popular scrapbook, and went on many profitable public tours — including here in Wisconsin — Mark Twain was forced to declare bankruptcy at the height of his popularity. Money ran through that man’s hands like water, and as the quote above indicates, he was always throwing money at what he hoped was the next big thing. 

Over the years he invested in and lost money on, an engraving process, a magnetic telegraph, a steam pulley, the Fredonia Watch Company, railroad stocks, and a protein powder called Plasmon, which he claimed delivered 16 times the nutritional value of steak at a cost of a penny a day. But those were small potatoes compared to his two biggest business blunders. 

He sank the modern equivalent of millions of dollars into a machine called the Paige Typesetter, which promised to revolutionize the printing world. Twain saw a demonstration of the printer on one of the rare days a prototype of it was working and invested heavily. He continued to pour money in over the next decade as the machine’s inventor promised he needed just a little more time to work out some bugs. “At first, Twain had called Paige—who would run through four sets of backers—the ‘Shakespeare of mechanical invention.’ By the end, he fantasized about catching a certain part of Paige’s anatomy in a steel trap and watching him slowly bleed to death.”

Twain’s second big mistake was starting his own publishing company. He was bitter about the admittedly poor deal he got from his first publisher and thought he could do better himself. So, when it came time to publish The Adventures of Huckleberry Finn, he established his own company and put his nephew in charge of it. At first, things were great. Twain’s new book sold well. As did the autobiography of President Grant, which Civil War veterans peddled door to door. Unfortunately, every other book Twain’s nephew chose to publish was a disappointment. There was no commercial market for a book of sermons by Pope Leo XIII or an in-depth analysis of the speech of monkeys. Twain called the company a “lingering suicide.”

By the 1890s, the cash-strapped Twain owed more than $80,000, which would be more than $2 million today, to authors, bookbinders, and a bank. On the advice of a friend, Twain transferred all of his remaining assets to his wife, then filed for bankruptcy. 

This was questionable advice then and would be considered fraud now, but it helped get Twain back on firm financial footing. Post-bankruptcy he went on a world lecture tour that brought in money and acclaim and reignited public interest in his writing. He made so much money he paid off all his old debts, even though he had no obligation to do so. And he once again started investing in dubious ventures. 

Bankruptcy was a safety net for Mark Twain, just as it is for so many people today. It is a way to start fresh or refocus on what you do best. If you have questions about bankruptcy, Hanson & Payne’s experienced team of attorneys is here for you. Please contact us today to schedule an initial consultation. 

Being “Too Stubborn” To Go Bankrupt Is Not Something To Brag About

Although it is not as widely celebrated, the logging industry is as much a part of what makes Wisconsin Wisconsin as the dairy industry. Some of the first settlers in the area were loggers, and many Wisconsinites continue to make their living as modern-day lumberjacks. However, the closure of the Verso paper mill in Wisconsin Rapids has had a dramatic impact on our state’s timber industry. 

The mill was the largest buyer of wood in the area, so its closure has caused a supply glut. There is so much pulpwood available, the price is crashing and loggers and haulers are losing their shirts. The U.S. Department of Agriculture is trying to keep everyone aloft through its Pandemic Assistance for Timber Harvesters and Haulers program, but there may be nothing the government can do in the wake of such strong market forces. 

Wisconsin Public Radio reports that “Low prices have pushed some Northwoods loggers to the brink of bankruptcy. One attendee at [a roundtable with U.S. Senator Tammy Baldwin] joked that loggers were “too stubborn” to go bankrupt; others said they wished that were true. [The president of the Great Lakes Timber Professionals Association] said as an owner/operator of his business, he’s been able to make changes that have kept him profitable, barely, but it’s come at the expense of his own retirement and benefits plans.”

Let’s take a deeper dive into this quotation. 

Joking that you are too stubborn to go bankrupt is not terribly funny. Midwesterners as a whole, and blue-collar business owners in particular, often wait too long to seek help when facing financial distress. Getting help is not a sign of weakness. If anything, it demonstrates sound business judgment. 

Speaking with an experienced bankruptcy attorney like those of us at Hanson & Payne as soon as it is clear drastic action must be taken means there are more options on the table. The longer the delay, the fewer paths forward. 

The other thing in the quote that jumps out is the business owner who has apparently dipped into their own retirement account and cut benefits in order to stay profitable. This is admirable if it saved the company and saved other people’s jobs, but we hope it was done in consultation with financial or business advisors. If the market doesn’t turn around, and the business goes under, this owner will be without a job and without anything to fall back on. An early bankruptcy, that allowed the business to renegotiate its financial obligations and retool its operations may have been a better option. 

Milwaukee area businesses facing financial uncertainty can count on Hanson & Payne, LLC to have their back. Our experienced team of attorneys isn’t just paper pushers. We are business-minded counselors who can help your business navigate these uncertain times. Please contact our office today to schedule an initial consultation.

Know Your ABCs: Assignments For The Benefit Of Creditors

When a business is in financial trouble, many think bankruptcy is the only path forward. The reality is there are many things a struggling business or its creditors can do to try and right the ship. At Hanson & Payne, LLC, we work with business owners, creditors, and lenders in the Milwaukee area who need legal counsel to stay afloat. One commonly used, but not commonly understood tool is an assignment for the benefit of creditors, which is abbreviated as an ABC. Sometimes they are also called receiverships. 

What Is An Assignment For The Benefit Of Creditors?

According to Black’s Law Dictionary, an ABC is a transfer “of a debtor’s property to another person in trust so as to consolidate and liquidate the debtor’s assets for payment to creditors, any surplus being returned to debtor.” If you are thinking “that sounds a lot like a Chapter 7 bankruptcy,” you are correct. ABCs work a lot like Chapter 7 bankruptcies, but ABCs are a creature of state law. 

Why Not File For Chapter 7 Bankruptcy? 

Some people choose to go through the ABC process instead of filing for Chapter 7 bankruptcy because they believe it is quicker, and therefore cheaper. Whether this is true really depends on the specific situation the debtor is in. 

There is also a belief that assets will sell higher through the ABC process because it doesn’t carry the same stigma as a bankruptcy. Once again, this depends on the situation at hand. 

A growing number of debtors do not choose to go through the ABC process, but are pushed into it by their creditors. Under federal bankruptcy law, it typically takes three unsecured creditors to force a debtor into involuntary bankruptcy. Under Wisconsin’s ABC statute, which is in chapter 128, a single secured creditor can file a petition for an involuntary ABC. This makes the process very appealing to secured creditors. 

What Happens After A Case Is Filed? 

Once an ABC is filed, a receiver is appointed. The receiver takes responsibility for running the debtor’s business. They typically search for some who will buy the business as a going concern, and if that fails, they wind down operations and sell off individual assets. 

Hanson & Payne’s experienced attorneys provide legal counsel in these cases. We make sure the business and financial deals struck by the parties involved are not held up by legal issues. 

A Business-MInded Legal Team In The Milwaukee Area

Whether you are a business owner, creditor, or lender, you need reliable legal counsel if you are going to be involved in an ABC or a bankruptcy. Hanson & Payne LLC is a business-minded team of attorneys you can count on to advise you if you are in a difficult financial situation. We are located in Milwaukee, but handle cases across the state of Wisconsin. Please contact us today to schedule an initial consultation.

D-I-V-O-R-C-E Leads To B-A-N-K-R-U-P-T-C-Y

Tammy Wynette had a hit on her hands when she recorded the song D-I-V-O-R-C-E. In it, she laments the fact that she and her husband are splitting up and tries to hide her sadness from her son. Wynette’s gut-wrenching delivery is punctuated by her sincerity — which probably had something to do with the fact that she herself was divorced multiple times.

Although Wynette made a good musical choice when she followed D-I-V-O-R-C-E with her massively successful Stand By Your Man, we have often wondered if she should have cut a record called B-A-N-K-R-U-P-T-C-Y. For many of our Milwaukee area personal bankruptcy clients, bankruptcy follows in divorce’s wake. 

This is not surprising when you consider two things. First, getting divorced is expensive. Legal fees can add up quickly if it is not an easy breakup, and it takes a substantial amount of cash to move out and move on, particularly if you have children. Second, after their divorce is finalized, many divorcees see their household expenses remain the same or increase while their household income is halved. 

Bankruptcy is often a great option for recent divorcees who want a clean financial slate to match their newly single status. Filing for bankruptcy under Chapter 7 is a quick way to wipe out many of your debts and get a fresh lease on life. 

However, it is important to note that many expenses related to getting divorced cannot be discharged through bankruptcy. Filing for bankruptcy does not eliminate the responsibility to make alimony or child support payments or wipe out payments that are overdue. If a court-ordered support payment is causing financial difficulty, the only way to get it reduced or eliminated is to go back to family court and ask for it to be adjusted.

Court fines or penalties and attorney fees related to a past child custody or support battle are also non-dischargeable. If you are finding these impossible to pay off, your best bet is to get them put into a repayment plan. Filing for Chapter 13 bankruptcy might be a good option in this situation. The Chapter 13 bankruptcy process includes a debt consolidation and repayment plan that lasts for three to five years. 

While most divorces related to bankruptcy are filed after the couple has split up, it is worthwhile to mention that filing jointly, before the divorce is finalized, may be beneficial to both parties. If the split is amicable, and it will not be difficult to cooperate and share financial documents with one another, filing bankruptcy before filing for divorce can help both parties land on a firm financial footing. Many couples take on debt jointly, so dealing with that through the bankruptcy process can be easier than sorting financial issues out in divorce court. 

If you are thinking about filing for bankruptcy, the experienced attorneys at Hanson & Payne, LLC are ready to discuss your options and guide you through the process. We will listen to your story and work with you to figure out your end goals, so we can help you find the best path forward. Please contact our Milwaukee office today to schedule an initial consultation

Without Bankruptcy, The Packers Might Not Exist

Another football season is upon us, and the Hanson & Payne team is ready to don our green and gold. While every good Packer fan knows they are the only non-profit, publicly-owned professional sports team in the country, few know that bankruptcy played a role in helping the Packers adopt this organizational format. 

According to official Packers’ history:

While the Packers were in the process of winning the 1931 championship, they also were blindsided by what could have been a catastrophic event. In their second game, against the Brooklyn Dodgers, a local fan, Willard J. Bent, injured his back when a section of bleachers at City Stadium collapsed, and he fell nearly 10 feet to the ground.

 

Bent sued the Packers and was awarded roughly $5,000 following a trial in February 1933. With the country in a deep depression, the Packers’ insurance company went into bankruptcy before the claim could be adjusted, and the Green Bay Football Corp. went into receivership while it appealed the case in court.

 

Somehow the Packers survived the proceedings long enough to be saved, once again, by two seminal events.

 

The first was the creation of a new corporation, The Green Bay Packers, Inc., in January 1935 following a second stock sale. That corporation remains in existence today, although “The” was removed from the name in 1997.

 

The other was the signing of Don Hutson less than a month later.

As we frequently point out, the bankruptcy of one business often causes a chain reaction. Who knows how many businesses were impacted when the Packers’ insurance company filed for bankruptcy. It is unlikely that other impacted businesses were as lucky as the Packers, who had a friendly receiver helping the team deal with the legal side of its financial issues, and a devoted fan base that was willing to bail them out. 

In the 1950s, the Packers were once again on the brink of bankruptcy. Another stock sale, and the insurance payout from a suspicious fire at the infamous Rockwood training facility, kept the team afloat. 

Today, the team is valued at $3.475 billion. It is nowhere near bankruptcy, but it is interesting to note that filing for bankruptcy would probably be the only way the team could ever leave Green Bay. The team’s unique ownership structure means it is a permanent fixture in the community. If it were to file bankruptcy, the proceeds remaining after assets were sold off would go to the Packers’ charitable foundation. Stockholders would not get any financial benefit from the sale. 

The Packers are unique. (And they are going to stay that way. NFL teams are now limited to a maximum of 32 owners, and one person must own at least 30% of the team.) We can’t think of any other business that has the community support needed to avoid bankruptcy in the same way. Fortunately, the modern bankruptcy system provides a secure safety net. If your business is struggling, you can count on the Hanson & Payne team to get you across the end zone. Please contact us today to schedule an initial consultation. 

What Is A Bankruptcy Trustee?

At this point in your life you have probably watched enough Law & Order or Judge Judy to identify the key parties in the courtroom. You’ve heard of judges, court reporters, bailiffs, the prosecutors and defense teams in criminal cases, and the plaintiffs and defendants in civil actions. But have you ever heard of a trustee? If you are filing for bankruptcy, the trustee is someone you are going to get to know pretty well.

A Bankruptcy Trustee Is The Person Who Makes Things Happen

Bankruptcy trustees are people whose job it is to make sure bankruptcy cases run smoothly. They review debtor filings to make sure they are complete, correct, and not fraudulent; ensure all the parties who may be impacted by a case are aware it is moving forward; identify and investigate bankruptcy fraud. 

They also do a lot of hands-on work to make sure each individual case filed in the court they work for moves forward. Their duties vary depending on which chapter of the bankruptcy code the case they are working on was filed under. 

  • In a Chapter 7 case, the trustee oversees the liquidation of assets and the paying back of creditors.
  • If the debtor files under Chapter 13, the trustee oversees the repayment plan at the core of the case. They collect payments and distribute them to the various creditors. 
  • When a business files under Chapter 11, the trustee helps reorganize a debtor’s business obligations, debts, and assets.

Bankruptcy would be a much more daunting task if trustees did not exist. 

Wisconsin Bankruptcy Trustees 

Bankruptcy filers in all types of cases have far more interaction with the trustee than they do with the judge in the case. 

In Wisconsin, our trustees are currently Mary Jensen and David Asbach. Jensen works in Madison, and Asbach works here in Milwaukee. 

Both are experienced professionals who take their jobs seriously and do them well. Treating them with respect, and responding quickly and accurately to any requests they make goes a long way toward improving your bankruptcy experience. 

Milwaukee Bankruptcy Attorneys You Can Count On

As attorneys, our job is to get the trustees the information they need from our clients so they can do their job and the case can move forward. We also try to persuade the trustee to act in our client’s best interest. For example, the trustee may have the discretion to decide what happens to a particular asset, and we urge them to do whatever it is that puts our client in the best position possible. 

If you are considering filing for bankruptcy, or are a creditor involved in a bankruptcy case, Hanson & Payne, LLC is here for you. Our decades of experience working on bankruptcy cases, and with bankruptcy trustees means you can count on us to guide you through even the most challenging bankruptcy cases. Please contact us to schedule an initial consultation. 

Supply Chain Disruptions Push Businesses Past Their Breaking Point

The covid-19 pandemic may be waning, but pandemic-related supply chain disruptions are still causing headaches for businesses in the Milwaukee area. Hanson & Payne, LLC regularly assists local businesses that face financial difficulties due to supply chain disruptions, and we are ready to help our clients take on this additional challenge. 

According to data compiled by Bloomberg, “72 companies with at least $50 million of liabilities have filed for bankruptcy this year as of June 21… That’s well below the 118 that had sought court protection during the same period last year, but still above the 10-year average of about 65.”

These larger bankruptcies often cause small and mid-size companies to file for bankruptcy weeks or months later as the entire supply chain is disrupted when any one company is in distress. It is very much like a domino falling when a major player declares bankruptcy. 

Add to this the end of some of the federal and state relief programs aimed at reducing the impact of the pandemic, the shortage of vital products like semiconductors, rising rates and a lack of drivers in the shipping industry, and challenges caused by wild weather and labor shortages in the agriculture sector, and you can see why many Milwaukee area business owners are on edge. It is possible the worst of the pandemic is yet to come if you are looking at it through a business lens rather than from the public health perspective. 

Now, as always, Milwaukee area businesses facing financial uncertainty can count on Hanson & Payne, LLC to have their back. Our experienced team of attorneys isn’t just paper pushers. We are business-minded counselors who can help your business navigate these uncertain times. 

Sometimes bankruptcy is the best option for a business that needs to get through a tough stretch. As we often discuss on this blog, bankruptcy is a great tool, not a mark of failure. 

In other situations, it may be better to avoid bankruptcy by tapping into one of the unique aid programs being offered by the government because of the pandemic, or head to the negotiating table and directly negotiate some needed relief. 

Creditors are just as stressed as their borrowers during this difficult time, and are more than willing to be flexible. If your business is facing cash shortages and needs temporary or permanent relief from its creditors, we may be able to negotiate terms of forbearance or loan modification with your creditors.

Because we really dig into our clients’ finances and care about their businesses, we are going to help you do what is best for your business, not what is the easiest for us to manage from the legal perspective. 

Hanson & Payne’s well-established reputation as a bankruptcy firm that knows business is what drives businesses and commercial lenders from Milwaukee and beyond to rely on Hanson & Payne when they find themselves teetering on the edge. If you are in this situation, we are ready to help get you back on solid footing. Please contact our office today to schedule an initial consultation.

The Claw: The Bankruptcy Provision That Can Take Back Money That Is Rightfully Yours

A claw arcade game plays a pivotal role in the classic Disney/Pixar film Toy Story. Toy aliens in the machine are in awe of the giant claw that chooses who will go and who will stay. If you have ever seen the movie, you can probably remember exactly how the aliens say “The clawwwwwwwww!” At Hanson & Payne, we have been involved in many Milwaukee area bankruptcy cases where our clients are also in awe of a claw — the clawback of funds following someone else’s bankruptcy filing. 

The Claw

If a debtor or someone you do business with declares bankruptcy, the court may order any assets the filer transferred to you within the last few months returned to the bankruptcy court so that they can be equitably distributed among all creditors. The court uses its power to claw back the money, even though it is rightfully yours. 

While this may seem unfair to you, clawback provisions were actually created with fairness in mind. They are meant to guard against the preferential treatment of certain creditors and ensure all of a bankruptcy filer’s creditors are treated fairly. 

Clawback Defenses 

If you are willing to put up a bit of a fight to keep the money or assets you have been paid from being clawed back, the Hanson & Payne team may be able to help you. There are exceptions to the clawback rule that you may be able to take advantage of. These are known as preference defenses. 

The three most common preference defenses are: (1) the contemporaneous exchange for new value, (2) the subsequent new value and (3) the ordinary course of business defenses. Hanson & Payne’s experienced bankruptcy attorneys can help you figure out if one of these exceptions, or another less common exception applies in your situation. 

1. Contemporaneous Exchange for New Value

The most common defense against a clawback is known as the contemporaneous exchange for new value defense. It applies when the payment sent to a creditor was intended by both the debtor and creditor to be a payment for some new good or service exchanged right when new assets were transferred to the creditor. 

2. Subsequent New Value

This defense is only slightly different from the previously discussed defense. In order to claim the subsequent new value defense, the creditor must have given something of value to the debtor after payment from the debtor was received.

3. Ordinary Course of Business

Most clawback actions are filed against businesses that were going about their business with no clue their customer was in financial distress. Fortunately, the ordinary course of business defense may protect businesses hit with a surprise clawback. 

The ordinary course of business defense applies when a payment subject to clawback was received in the ordinary course of business between the creditor and the debtor. To take advantage of this defense, the creditor must be able to show that its relationship with the debtor did not change in the time period leading up to the debtor’s bankruptcy filing.

Experienced Milwaukee Area Bankruptcy Attorneys You Can Trust

While the Toy Story aliens may worship the claw, the experienced bankruptcy attorneys at Hanson & Payne know the claw is something that can be controlled. We can work with you to defend against clawbacks by putting up a strong preference defense. 

Don’t hand money or other assets that are rightfully yours over to the courts without a fight. Contact Hanson & Payne to protect your interests and secure your assets.