Gave a large gift 8 months ago...

[soontobebk]

Evening all. I've been scouring google for any and all information I can find on Chapter 7 (looking to file pro se) but am worried about one thing.

12 months ago I was laid off from my place of employment, but received a severance package that lasted 3 months. At the end of those three months I was unable to acquire employment, so I had to move back home out of state. I was living with my (then) girlfriend, and she too had to move back to her home, in a different state. She did not have any assets, so I gave her a gift of $2500 so she might get an equal chance at keeping her car.

Since then, I have lost my car (it was a lease, returned it once I couldn't pay, which was 4 months ago), and have about 8k in debt to the car company, and 4k to a separate credit card company.

When I file, will this "large" gift cause any problems for me?
Also, I have to use the prior state rules (lived there for four years, have been in California for the past 8 months), which happens to be Nevada, anyone know of a wildcard exemption off the top of their heads? I see some pages saying $1000, others saying absolutely no wildcard in Nevada.

Thank you for any help.

[backtoschool]

Evening all. I've been scouring google for any and all information I can find on Chapter 7 (looking to file pro se) but am worried about one thing.

12 months ago I was laid off from my place of employment, but received a severance package that lasted 3 months. At the end of those three months I was unable to acquire employment, so I had to move back home out of state. I was living with my (then) girlfriend, and she too had to move back to her home, in a different state. She did not have any assets, so I gave her a gift of $2500 so she might get an equal chance at keeping her car.

Since then, I have lost my car (it was a lease, returned it once I couldn't pay, which was 4 months ago), and have about 8k in debt to the car company, and 4k to a separate credit card company.

When I file, will this "large" gift cause any problems for me?
Also, I have to use the prior state rules (lived there for four years, have been in California for the past 8 months), which happens to be Nevada, anyone know of a wildcard exemption off the top of their heads? I see some pages saying $1000, others saying absolutely no wildcard in Nevada.

Thank you for any help.

Hi soontobebk. You will need to wait a year from giving your girlfriend the car to file if you do not want the trustee to come after your girlfriend for a preferential transfer, and demand the car or the cash equivalent of the car.

[AngelinaCatHub]

Hi soontobebk. You will need to wait a year from giving your girlfriend the car to file if you do not want the trustee to come after your girlfriend for a preferential transfer, and demand the car or the cash equivalent of the car.

I agree and it is only a couple months before the new year. You lived with her I assume and I also assume you shared expenses as well as her car. This to me looks like a fair trade off for all services rendered. That, since you have no car now. I think if you hold out, you would be clear. 'Hub

[soontobebk]

thank you backtoschool and AngelinaCatHub for the info.

So, does the gift information have to be exactly one year from when it occurred?

For example, if it happened in March 05, 2009, then I have to wait until March 05, 2010? Or is it more of a wait till January 01, 2010 sort of deal?

[Chowder]

A one time gift in that amount, would most likely not raise much interest.

Of course YMMV.

[OhioFiler]

You're are unemployed and have $12,000 debt. Maybe you don't need to file bankruptcy.

[soontobebk]

OhioFiler, but, I have the debt. Are there other options?

[keepmine]

OhioFiler, but, I have the debt. Are there other options?

Your immediate problem is not the debt but, you have no income.
First things first. Get your finances stable. You have to support yourself post bk. WHat happens if you get sick or have an accident and you can't pay the medical bills and you've already played the bk card?
I'd wait until I had a job with health insurance benefits before I made a decison on filing bk. Also, when you get a job, you may be able to settle these debts for a lot less than $12K.

[mom2three09]

Your immediate problem is not the debt but, you have no income.
First things first. Get your finances stable. You have to support yourself post bk. WHat happens if you get sick or have an accident and you can't pay the medical bills and you've already played the bk card?
I'd wait until I had a job with health insurance benefits before I made a decison on filing bk. Also, when you get a job, you may be able to settle these debts for a lot less than $12K.

I agree, I wouldn't use your one time (per 7+ yrs) "Get out of jail free" card just yet. Also, $12K isn't really that much $$ ... IMO, it's not enough to file BK on. I agree, first find a stable job... then try to work with the creditors... most likely they will settle for less.

[soontobebk]

thank you for the input keepmine and mom2three09, I may have to do that.

I was mainly worried that my debts would result in me getting sued, or something of that nature.

[LostNFound]

I wouldn't file for $12K either. I have $120K in credit card debt alone.... We had a good run and it's time to throw in the towel. I honestly don't think it's possible to take the risks and lose as much as we have currently. But $12K ?? Seriously, I would hold out. No way would I file for that small of an amount....you can't even buy a good car for that price these days....ha