Court Appoints Chicago Debt Exchange to Sell Preference Judgments

On November 20th at 12:00 noon CST in a live auction run by Chicago Debt Exchange, some $2,000,000 in preference judgments will be up for sale. Registered buyers from around the country will be able to bid on 6 different preference judgments.

The Trustees who made the appointment are excited about the live auction as it potentially opens up the market to more buyers than they could reach trying to market these portfolios on their own. Buyers can bid either in person, phone or live on the Internet.

A Preference payment in the Bankruptcy Courts is a transfer to a creditor in payment of an existing debt that was made within certain time periods before the commencement of the case. Preferences may be recovered by the Court Appointed Trustee for the benefit of all creditors of the Estate.