received a monetary gift..

[geye]

..and I'm not sure what to do with it. A relative sent me $1000 "just because" in the form of a cashier's check.

Assuming it does not put me over the median, and I have plenty of room to exempt the cash, is there any reason NOT to put the money in the bank or use it to get new brakes on my car?

TIA

[tcreegan]

Hello Geye,

Is there any reason to not hold on to it until your case closes?

What state are you in that has a cash exemption over $1000 ?? Great state!

Only disadvantage I can think of is having to amend your schedules, this will cost a filing fee.

I can't imagine anyone complaining about fixing your brakes, talk about a legitimate expense!

Tom in Colo

[geye]

I could hold onto it until the case closes, but I'd still have to exempt it, right? And I haven't filed yet, so it can be added without a fee.

We're using federal exemptions. Not keeping house, nothing of value. Works out well for having some cash for our new start, but rather scary to think we're this much in debt with nothing to show for it

[tcreegan]

no cash exemption

Hello ago Geye,

To my knowledge, there is no cash exemption in the federal exemptions.

Tom in Colo

[geye]

Unused portion of homestead can be applied to any property.

[backtoschool]

Hello ago Geye,

To my knowledge, there is no cash exemption in the federal exemptions.

Tom in Colo

Not true. In federal exemptions you can use your unused homestead exemption as a wildcard and exempt cash with it.

[SMinGA]

Have you already filed? If so, and this was not something you were 'owed' at the time of filing then you should be fine to cash/use it. If it was owed to you, then it would be part of your BK estate I believe - and you'd need to exempt it.

If you have NOT yet filed, it will be counted in the means test if you file in August as that will use the 6 months ending in July. If you file by July 31st, it does not factor into the means test. No matter when you cash it, you received it already. If it is cash (or check) on hand at time of filing - need to exempt it. If you spend before filing on brakes, etc. - should not be an issue.

[geye]

Have you already filed? If so, and this was not something you were 'owed' at the time of filing then you should be fine to cash/use it. If it was owed to you, then it would be part of your BK estate I believe - and you'd need to exempt it.

If you have NOT yet filed, it will be counted in the means test if you file in August as that will use the 6 months ending in July. If you file by July 31st, it does not factor into the means test. No matter when you cash it, you received it already. If it is cash (or check) on hand at time of filing - need to exempt it. If you spend before filing on brakes, etc. - should not be an issue.

Our attorney notified us to expect a September filing due to him being backed up

Using Nolo's online test, including it we're still negative for DMI (and under median). I didn't really see where it would be added, though, so I just put it in my monthly income amount. Which is ridiculous since I'm not going to receive a one-time unexpected gift every 6 months (it was not owed to us, it was a relative doing something nice for no reason). But it is what it is.

I will deposit it, fix my car, and let the attorney know.

[SMinGA]

I believe it would go only into the means test/other income area - as $1,000 total over the 6 month period. So raising your mo. income average by $167 or so. Would not belong on schedule I at all, as its not income or anything you'll have coming to you going forward.

Using Nolo's online test, including it we're still negative for DMI (and under median). I didn't really see where it would be added, though, so I just put it in my monthly income amount. Which is ridiculous since I'm not going to receive a one-time unexpected gift every 6 months (it was not owed to us, it was a relative doing something nice for no reason). But it is what it is.

I will deposit it, fix my car, and let the attorney know.

[tcreegan]

cash is property?

Hi all,

I am confused; cash is property?

Stranger things have happened......

Tom in Colo

[empowered]

Perhaps I shouldn't ask this question but does a cashier's check have to be deposited anyway?

[empowered]

Hey Tom,

Yes, cash is property. I hope you didn't miss out on any exemptions in your own filing. I was pleasantly surprised at how handy that Homestead exemption was for a renter like me.

[tcreegan]

no federal exemptions

Hello all, Hello empowered,

I don't have to sweat any federal exemption rules, Colo is a 'State Exemptions Only" state with no wildcard and no rule to allow unused homestead exemption to cover cash.

and in our case.....cash amounts were hardly a problem. I get a $20 per week allowance and have to buy gas, stuff from ACE hardware, and maybe a soda pop or candy bar. Ahhhhh, life is getting more and more simple at time goes on.

Tom in Colo

[KevFinnerty]

Does receiving $$ from sale of possessions count towards means test or whatever? Doing so is all I have in order to live on the past month.

Also, what about if friends or relatives loan/give me $$ to help me out?