What happens with property that someone is loaning me?

[twuoo]

For instance, a relative has a laptop they can loan me. Do I have to declare this as my property, even if it doesn't belong to me?

Thanks!

[Liaah]

No. It is not your property, it is your relatives.

[JollyGG]

I agree with Liaah it's not yours don't list it.

[CATCHMEIFYOUCAN]

Nooooooops !

CMIYC

[reallynervous]

I would ask your attorney...

if you are using one. The bankruptcy forms do have a place where you list property that is in your possession but does not belong to you. It is on the Statement of Financial Affairs form under number 14 - "Property held for another person - list all property owned by another person that the debtor holds or controls".

I am not sure if it would need to be listed under that - does anyone know exactly what that section is for?

HTH,
reallynervous

[CindyLou]

Remember, no one is going to come into your home and check on what you have!! this section is more for real property (which holds a title) such as a car, boat, etc, I do not think a laptop would be worth mentioning. No one will know the difference.

[JollyGG]

Accidentally double posted the same response.

[JollyGG]

if you are using one. The bankruptcy forms do have a place where you list property that is in your possession but does not belong to you. It is on the Statement of Financial Affairs form under number 14 - "Property held for another person - list all property owned by another person that the debtor holds or controls".

I am not sure if it would need to be listed under that - does anyone know exactly what that section is for?

HTH,
reallynervous

That section is for things like a minor childs investments or banking accounts. You control the account but it is not your money. Or as cindylynnsmith mentined - real property with a title. All things that there is some official record off.
The laptop can simply be handed back to the owner at anytime. The person is only borrowing it.

[reallynervous]

Thanks for the clarification... so is there where we would list our kid's savings bonds that their grandparents have purchased for them?

Thanks,
reallynervous

[JollyGG]

Thanks for the clarification... so is there where we would list our kid's savings bonds that their grandparents have purchased for them?

Thanks,
reallynervous

Yes. That is the place for those. They are not your property, not your asset. They belong to your child and you control / have possesession of them until your child reaches adulthood.

[DivorceRuinedMe]

Yes. That is the place for those. They are not your property, not your asset. They belong to your child and you control / have possesession of them until your child reaches adulthood.

I was confused about this. What is to stop someone from setting up an account in their child's name and just dumping money into it to avoid the BK courts from ever touching it? I think it would look suspicious if you were to do this but what about people that already have an account in their child's name with money in it. Is that untouchable? I ask b/c I get child support and I would like to put a little money away for my child from the support money but I'm afraid to.

[JollyGG]

I was confused about this. What is to stop someone from setting up an account in their child's name and just dumping money into it to avoid the BK courts from ever touching it? I think it would look suspicious if you were to do this but what about people that already have an account in their child's name with money in it. Is that untouchable? I ask b/c I get child support and I would like to put a little money away for my child from the support money but I'm afraid to.

The trustee can, of course, request documentation relating to the account. You may have to prove that it is not your account if there is significant money in it. But if you can provide proof that it is money from child support and the account is clearly your childs (for example a 529 in childs name or a savings bond in childs name) you shouldn't have a problem.

A brand new account may raise some issues so I would check with your attorney.

Each of our children have savings accounts that birthday money and such goes into. Each account only had a couple of hundread dollars in it. The trustee never asked a single question about those accounts.