a question about personal loans

[kathy4530050]

I have posted several questions in the past about how to pay back people I borrowed from, and learned, of course, that I can't until my case is closed.

However, it never occurred to me until just now that the money loaned to me could be a problem. Other people have posted asking what to do about financial "gifts" from relatives. I have not "gifts" from anyone, but several personal loans, and these people will be listed with my other creditors. There's no way anyone would ever call these deposits into my bank accounts "income" right?? Because I am self-employed, the deposits into my business account are always business checks. However, I have a number of large deposits into my personal account that have nothing to do with business.

Could this be a problem?

[LuciluS]

Yes Maam. Trustee makes money finding Assets/Income. Sure hope they are Not Large Deposits and will be on Bank Statements Not required by Trustee.

I wouldn't list them as Creditors unless you have a Promissory Note or anything in writing. Hand shake....will pay them back after your Bankruptcy.

There's a few posts concerning this same issue.

[StartingOver08]

Yes Maam. Trustee makes money finding Assets/Income. Sure hope they are Not Large Deposits and will be on Bank Statements Not required by Trustee. There are no bank statements not required by the trustee.

I wouldn't list them as Creditors unless you have a Promissory Note or anything in writing. Hand shake....will pay them back after your Bankruptcy.I listed them in my BK, but I spoke to them before I filed because I did not want them to be surprised. You are stating under oath all creditors are in your petition. Be safe, list them. As you pointed out, you are allowed to pay them back after your discharge on a voluntary basis.

There's a few posts concerning this same issue.

Kathy, you have some complications in your future filing just because of the business income and now the other income (gift/loans). Just remember, the Trustee's have seen it all!

[kathy4530050]

Jeez . . . there is just nothing simple about this, is there? Just like StartingOver said, my lawyer advised me to add everyone in because I'm swearing under oath that every debtor is included. I borrowed money because I had almost no income for 6 months!! This was Basic Survival Help--you know for food, utilities, prescriptions, car insurance, and gas. Could I actually be penalized for just trying to stay alive on the planet?? So discouraging . . .

[StartingOver08]

Most of us have BTDT!

Jeez . . . there is just nothing simple about this, is there? Just like StartingOver said, my lawyer advised me to add everyone in because I'm swearing under oath that every debtor is included. I borrowed money because I had almost no income for 6 months!! This was Basic Survival Help--you know for food, utilities, prescriptions, car insurance, and gas. Could I actually be penalized for just trying to stay alive on the planet?? So discouraging . . .

I think many of us have been there too. That's why I think the trustee's will expect to see some family and friends on the petition. I know my trustee asked who XXXX, YYYY and ZZZZ were and did not seem surprised they were family members that helped. Of course, I am paying them back voluntarily too.

[OhioFiler]

Jeez . . . there is just nothing simple about this, is there? Just like StartingOver said, my lawyer advised me to add everyone in because I'm swearing under oath that every debtor is included. I borrowed money because I had almost no income for 6 months!! This was Basic Survival Help--you know for food, utilities, prescriptions, car insurance, and gas. Could I actually be penalized for just trying to stay alive on the planet?? So discouraging . . .

Did these friends and family members expect repayment from you when they offered to help you or are you creating the debt because you intend to repay them? If they gave to you with no intent on collecting from you I don't see a debt. I call that a gift.

[kathy4530050]

Did these friends and family members expect repayment from you when they offered to help you or are you creating the debt because you intend to repay them? If they gave to you with no intent on collecting from you I don't see a debt. I call that a gift.

Definitely loans, not gifts, and ones I will repay immediately once I can. I was afraid if the trustee thought they were gifts they might be counted as income, but it appears they could still be counted as income even though they are loans. Can't win.