Borrowed money from in-laws/Chapter 7
My husband and I are trying to file Chapter 7. We previously borrowed $3,500.00 from his parents and agreed to repay them by monthly payments of $250.00. I understand that for a Chapter 7 you need to show where all your money goes, so my question is where on the petition would this monthly amount fall under? We are keeping the loan from her technically out of the bankruptcy and plan on paying her back. The lawyer still needs to know where all our money goes monthly.
-
-
Take it from my experience - if you show that you paid your in law's anything within the past year before filing bk - the trustee will request that you in law's remit that amout of money to her.
Don't show you have paid them anything - just that you owe them the original amount unless they are going to be able to tell the the bank statement's that they request.
dgw -
I'm not sure I quite understand. My husband's mother said she would write something up to prove we did agree to pay $250.00 a month. You see, we are somehow $200.00 over the amout for a Chapter7. I don't know how, but the lawyer says we are. The extra monthly payment owed to my in-laws should bring us to the number we apparently need to be at. Do you know where on the petiton this would go under the monthly expenses that we still want to pay off?Comment
Comment