CA CLS Bankruptcy Practice Questions - California Certified Specialist - Bankruptcy Law Examination Exam

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A creditor receives a $10,000 payment on an unsecured antecedent debt 60 days before the debtor's Chapter 7 filing. The debtor was insolvent at the time. The creditor would have received only $4,000 in a hypothetical Chapter 7 liquidation absent the transfer. The trustee may recover up to what amount as a §547 preference?

$$0 because the creditor was acting in good faith $$4,000 $$6,000 (the amount above what the creditor would have received in Ch. 7) $$10,000

Correct Answer:

$$10,000

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