Borrowing cash from parents prior to filing?

[Chicago]

I'm planning to file by the end of this month but I need to borrow some money from my parents before I do. Will that raise a red flag with the trustees or anyone?

I don't have the cash to file so they said they'd give me the money to cover that ($1500 - $2000). My semi-annual garage rent payment ($810) is also due this month and so I'll need to borrow some from them for that as well. Gotta love paying for a place to park.

All total would be about $2500 - $3000 with the BK fee and rent.

Ideas?

[SinkingFast]

Have your parents make the payments directly themselves. Don't let that money to wash thru your bank acct.

Since the Trustee will see your recent bank statements, you might have to explain the "mysterious" deposit and where the money went.

If your parents give you Money Orders to pay the bills or pay the payments direct, themselves, you don't put yourself in that situation.

[keepmine]

Nothing says you can't receive gifts or loans from parents.
If it's a loan, include your parents as creditors and keep receipts to show where the money was spent. You can repay them after the bk is discharged.

[Chicago]

Nothing says you can't receive gifts or loans from parents.
If it's a loan, include your parents as creditors and keep receipts to show where the money was spent. You can repay them after the bk is discharged.

That's what I've done. My parents gave me a bunch of cash for the first year I lived in Chicago and also paid off one of my student loans so they are already listed as a major creditor. I didn't think it would be a big deal to add a bit more to what I owe them.

I know what you're saying, Sinking Fast, but will it be a big deal since a) they are listed as a creditor and this just adds to it, and b) if I show the trustee the paper check trail to my landlord and the attorney?

Thanks!

[dscurlock]

That's what I've done. My parents gave me a bunch of cash for the first year I lived in Chicago and also paid off one of my student loans so they are already listed as a major creditor. I didn't think it would be a big deal to add a bit more to what I owe them.

I know what you're saying, Sinking Fast, but will it be a big deal since a) they are listed as a creditor and this just adds to it, and b) if I show the trustee the paper check trail to my landlord and the attorney?

Thanks!

I think when i had a BK consult a few months back, I was asked if i borrowed any $$$ to come up with the fees, borrowed money seems to be a lot different then if your parents just gave you the money to use for what you need...when the atty looked at my bank statements, he did not seem to care about what was going through, he was more concerned about payroll deposits, or anything that was payroll /income ralated, so if your parents give you the money, i see no reason why you can put it in the bank to take care of business, and if they ask, then be honest, i was given the money to take care of business.

[Bandit]

Have your parents make the payments directly themselves. Don't let that money to wash thru your bank acct.

Since the Trustee will see your recent bank statements, you might have to explain the "mysterious" deposit and where the money went.

If your parents give you Money Orders to pay the bills or pay the payments direct, themselves, you don't put yourself in that situation.

This is the way I would do that also if possible. Not just because of now but also the way some screwy laws bump into each other later. The mysterious deposit may just pop up with a question mark, again needing the long explanation. The fewer the explanations now & forever, the better. At least it keeps my blood pressure down

[aa06a47]

Take SF advice and have them pay the rent directly...don't let it go through your hands. It may not make a difference, but it might save alot of proof stuff.