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Attorney2020
Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 1031
Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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We have 6 more months/payments left to complete our 5 year

Resolved Question:

We have 6 more months/payments left to complete our 5 year chapter 13 plan. (we've paid properly and timely for the last 54 months. When can I recieve a $200k cash gift from my parents so I could keep it and not have the trustee take it and disperse it to the creditors. Again I have six months remaining to get my discharge.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Attorney2020 replied 1 year ago.

Attorney2020 :

Hello:

Attorney2020 :

After your Chapter 13 Bankruptcy discharge all debts that have been included in your payment plan will be discharged after the final hearing in court whereby the judge will approve and discharge your plan.

Attorney2020 :

However, understand that the debts that are not dischargeable such as alimony, student loans, back taxes will not be included so be aware that those debts will still be owed.

Attorney2020 :

After receipt of the money, the discharged creditors will not have any right to the money (i.e. cash gift received). But you must wait until the discharge is approved by the judge.

Attorney2020 :



I hope this helps.



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Information given is not legal advice. I am not your attorney. The information given is general only. I am not establishing or accepting an attorney-client relationship with you. All posts are available for public viewing.

Customer: I'm aware of most chapter 13 guidelines. The information thus far is redundant. My question is SPECIFIC to receiving CASH GIFTS FROM PARENTS. Can I keep the cash gift if recieved before my discharge? Is there a statue of limitation e.g. One year to be able to recieve and KEEP the cash gift of 200K.
Attorney2020 :

No, I would not accept the cash gift before the discharge as stated in my previous answer as it will cause concern for the BK judge and will not approve your BK discharge.

Attorney2020 :

After the dishcarge you are free to do whatever you want i.e. accept the cash gift without the trustee breathing down your neck.

Attorney2020 :

Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.

Customer: I have heard that even after the discharge of chapter 13, even though the trustee and the bankruptcy court "stop breathing down my neck", there is a one year period that the creditors can file a motion/complaint if they believe we (former debtors now discharged) have assets such as cash. I have no idea how they would get this info but I've heard that even after a discharge, and up to a year after the discharge, the creditors may try to collect more money. That being said, isn't cash gift considered volunteerly and so should not be considered as entitlement. If I understand the badly worded sentence above then why shouldn't I be able to recieve the gift cash now and keep it before the discharge. (I know about the concept of disposable income. I'm aware of inheritance, lottery winnings etc, but I thought it wouldn't apply to GIFTS; cash or otherwise
Attorney2020 :

I am unaware of any specific law that allows a trustee to come after any assets after a bankruptcy is discharged relative to the dischargeable debts that were included in your BK plan.

Attorney2020 :

Now, if you want to accept a cash gift six months before your bankruptcy is discharged taking that unecessary risk while the trustee still has jurisdiction over your estate go ahead. But again, If I coudl go 4 1/2 years through the plan without the 200k, I would be able to last another six months for assurance.

Attorney2020 :

Additionally, if you are so concerned with the trustee after discharge, place the money in a qualified retirement account that is exempt from creditors and your assets will be protected.

Customer: I must have a reason that these 6 months make a difference (I'm not irrational). Having said that, thank you for your advice. You should look up statue of limitation regarding CREDITORS (NOT THE TRUSTEE OR THE COURT) in regards XXXXX XXXXX question. I'm not a lawyer, but you should be aware of such matters. It states in your profile that you're an expert. I didn't get the answer that was to be offered by an expert. At the same time, I'm not someone to rate you low on feedback even though you stepped out of chat.
Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 1031
Experience: I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
Attorney2020 and 4 other Bankruptcy Law Specialists are ready to help you

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