Recieving a Gift like a Car or Money!

[journey]

Ok i was wondering what the Proper way to recieve a gift from a family member. Say after i get discharged if they want to give me a Car,Money or
Furniture would they have to right it up and send proof to the Trustee no way would i want to get them involved.

Not sure im going to get a Large gift but just wondering how they would do this I guess if it was money they might have to report it to the IRS and the Trustee.

Before i would get them in to this i would not accept it.

[TEW]

You don't need to report it to anyone after discharge.
after discharge your done finished.

[journey]

TEW.. thank you. But if my parents gave me there old car and i put it in my name than the Trustee seen i had a diffrent car coundnt she question me. So i was thinking it might be on the safte side if some how they could get it wrote up they gave me the car if so im just wondering about the gift.

[journey]

Or if your parents gave you some money. I was thinking it might be best for them to write a check for proof than to give me cash.the trustee may wonder how did he get extra money.

[Flamingo]

TEW.. thank you. But if my parents gave me there old car and i put it in my name than the Trustee seen i had a diffrent car coundnt she question me. So i was thinking it might be on the safte side if some how they could get it wrote up they gave me the car if so im just wondering about the gift.

When your Chapter 7 is discharged and done, what you and your family does after that date is up to you and your family. Prior to that time, the Trustee would be interested. If you still question this, consult with your attorney.

[TEW]

The trustee is not going ot look at your case again. If you hit the lottery or come into some large sum of money that maybe different story. It would have to be well worth the time and money to go after anything you get from your family.

[journey]

Thanks. One more question.

Im just wondering say if i have 60K of Non-Secured Credit and it gets discharged
and i hit the Lottoery or Inherit say 250K could the trustee get the 250K or the
60K i got discharged

Im just wondering how that would work out.

[AngelinaCat]

You will be asked at your 341 if anyone owes you any money; if are you in a lawsuit where you may win a money judgment; or if you stand to inherit any money within 180 days (6 months). Since you honestly don't know if your parents will be giving you anything, whether a car or money, or both, you can truthfully say "no".

Wait until after discharge, and preferrably after the case is closed--those are two different things--to accept any gifts of the type you described.

Good luck.

[TEW]

Yes they can reopen the case

[AngelinaCat]

Thanks. One more question.

Im just wondering say if i have 60K of Non-Secured Credit and it gets discharged
and i hit the Lottoery or Inherit say 250K could the trustee get the 250K or the
60K i got discharged

Im just wondering how that would work out.

My earlier post applies here as well. For the most part, once the Discharge Order comes, you are done (and we get to play the Victory Hamster Dance for you), and you can go on about your life.

Closing the case usually will come a few days later--but I've seen it come on the same day as the discharge order. The time between discharge and closing lets the behind the scenes administrative details of the case to be wrapped up.

This above comment is for No-asset Ch7 cases. If you get ruled an Asset case, you can be discharged on one date and the closing may not come for several months while larger administrative details are taken care of.

Example: 'Hub and I were ruled an Asset case. We had too many non-exempt items on our property list. We make a monthly payment to the trustee to buy our property back from the BK estate. Once those payments are completed, our case will be closed. We also have to pay a penalty regarding a couple 'insider' payments we made. That will also be completed before our case is closed.

Good luck to you.

[journey]

So i am a non-asset. in this case after 60 days from my 341 meeting i should be discharged if no credit disagrees. Than it could take a few more days to get the
case closed. In those few days between Discharge and Closing the case the administrative will decided how much tax ishould pay back and all the detalils of such things.right.

Ok once the case is Closed i have 160 days if i was to recive a Inhert or a Insurnce claim or lottery the trustee than would open the case.Right?

Ok say the 160 days after closing the case has went by and i was to win a lottery or something can the Trustee open it up again. Could she keep opening up my case for years to come.

Looks like at some point and time the BK would be behind all of us
I hate to ask so many questions

[keepmine]

The bk code makes no mention of the lottery.
It only address inheritences, lawsuits and, divorce settlements. Any of those take place within 180 days of FILING {not discharge} should be reported to the trustee.

[AngelinaCat]

Looks like at some point and time the BK would be behind all of us
I hate to ask so many questions

By all means, ask all the questions you want. That is why this forum is here, to lend assistance and moral support.

You may end up with the best BK attorney in the world that does a masterful job of educating you and keeping you informed. I dare say the majority of BK attorneys, while meaning well, are far too busy trying to keep up with the increasing caseload to spend much time educating you in all the nuances of BK law. You could end up falling through the cracks and making a whole lot of mistakes on the way that will rise up and bite you in the end.

This forum is here to help keep that from happening.

AngelinaCat and AngelinaCatHub, survivors of the BK School of Hard Knocks.

[journey]

thanks. just curious. but say i got discharged on 60K of Non-Secured Loans and with in the 160 day period after the discharge i got a inheritence of say 250K.

Now will the Trustee get to keep the 250K or will she only be allowed the first 60K to recoup the loss to give back to the Creditors.

[AngelinaCatHub]

thanks. just curious. but say i got discharged on 60K of Non-Secured Loans and with in the 160 day period after the discharge i got a inheritence of say 250K.

Now will the Trustee get to keep the 250K or will she only be allowed the first 60K to recoup the loss to give back to the Creditors.

You are still misunderstanding. The 180 days start ticking from the date of filing, NOT discharge. If you know that you stand to inherit such a sum within the 180 days after FILING, you are obligated to say so when you are aked that question at your 341. Obviously if you don't know that someone has left you something in a will, you can't say that you know something when you don't. But if this windfall happens BEFORE you are discharged, that inheritance is considered part of the BK estate and you are obligated to report it.

After you are DISCHSARGED, and preferably closed, it shouldn't matter. 'Hub