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Bankruptcy and Gifts

What is the law governing bankruptcy and gifts?

Bankruptcy is when a person has more debts than he/she can pay seeks relief in federal bankruptcy court. The filing of bankruptcy is a means in which a person can have a financial clean slate. Chapter 7 bankruptcy is the most common type of bankruptcy and when a person files for this type of bankruptcy, they are known as a debtor and they have a trustee who sells off their property to pay the debts in which they have. Chapter 13 bankruptcy is the type of bankruptcy that a person files, and still makes payments on the debts that he/she has. When a person files for bankruptcy they have to claim all of their property and assets, except when a person has already given the property and assets to someone as a gift.

Can a person’s step parent claim a child’s gift of property from a deceased parent in their bankruptcy?

If the child has proof that the property was given to them from the deceased parent as a gift, then the child should be able to get the property discharged from the bankruptcy estate due to the fact that the property is a separately owned property than the stepparent has. The child would have to take the concerns to court.

When a person files for bankruptcy, can they accept gifts from friends?

When a person files for bankruptcy they do not have to report certain things to the trustee, including certain gifts received. The person has the right to receive after a material settlement, and inheritance, or death benefits or life insurance policy proceeds, and these should only be reported if the person receives those within 180 days of filing the bankruptcy.

In the state of California, how long does the court look back when it comes to a gift to a family member?

In the state of California, when a person files for bankruptcy and has a loan, weather it is to a relative or a friend, there is no set amount if time the courts will look back upon the debt. When there is a gift involved, then the courts will look back 2 years.

When a person finds out they are entitled to an inheritance after they finish bankruptcy, what are the rules regarding this?

The rules regarding gifts are as follows; cash gifts that the person receives after filing for bankruptcy do not become a part of the bankruptcy estate. If the person purchases a lottery ticket before filing for bankruptcy, the winnings become a part of the bankruptcy estate, but if the person purchases the lottery ticket after the bankruptcy is filed and wins, then those monies do not become a part of the bankruptcy estate. If the person becomes entitled to an inheritance within 90 days after the bankruptcy, then the monies become a part of the bankruptcy estate, but if the person becomes entitled to the monies after 90 days then it would not become a part of the bankruptcy estate.

Bankruptcy is a way for a person to clean up his/her debts, and when the person gives or receives gifts during, before, or after a bankruptcy, then the person may face issues regarding the bankruptcy rules. When you are faced with such situations and are not sure of your rights, you should ask an Expert for legal insights based on an evaluation of the particulars of your case.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
Bankruptcy Lawyers are Online Now

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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Gift Questions

  • a person who I helped many years ago wants to give me money

    a person who I helped many years ago wants to give me money for a down payment on a home. I was already granted a chap 13, Can he just make it out to a title company for a house to purchase?
  • I live in the stae of indiana and need to file bankruptcy,

    I live in the stae of indiana and need to file bankruptcy, I have been off work since jan 23rd this year and still unemployed. What is the average cost of having a lawyer file bankrutvy in northwest indiana porter co zip 46385.
    I believe I want to file chapter 7 where all bil are dismissed other than primary home (which i do not have) All I have is some very old business computers and accesories whi total in value to nothing and some tools that were a christmas gift and one car.
    On a side note if I had a home and had refinanced to get some extra cash is there a some kind of time limit from the refinance to filing bankruptcy that the court would automatically take the home ??
    Would it be possible to file myself and what steps and documents would I have to have ii order to do so, I have 40k-50 in credit cards and medical bills, I had heard that at one point that I would have to them something for 5 years ?? And whatever would amount of dismissed debt credit or bills turns into taxable income ?
    I would think this should have actually go pretty straight forward the on other thing I am a fraid of is tat might ask for taxes record I have made pretty good money in the previous let say 10 years ?
    thanks in advance,
    chuck B.
  • 1 A con man tricked you into investing $10,000 in precious

    1 A con man tricked you into investing $10,000 in precious Nigerian gems. The con man
    promised a $1,000,000 return on your investment. Your $10,000 investment disappeared. You
    took swift action and sued the con man in state court. After months of litigation you won a
    judgment against the con man. The Judge said you were defrauded. Right after you get the
    judgement the con man filed bankruptcy. Can he get away with this? Is there anything you can do
    and under what authority under the bankruptcy code? Please explain fully your answer.
    2. You got repaid the $5,000 you lent your cousin the day before he filed bankruptcy. Now
    you’ve just been served a summons and complaint by the trustee in your cousin’s case. You are
    the defendant and trustee wants the $5,000 back from you. Can the trustee do this? Will he win?
    You didn’t even know your cousin was going to file bankruptcy. Please explain fully your answer
    and under what authority under the bankruptcy code are you relying on.
    3 Your father-in-law gives you lake front property in Tahoe as a present when you graduate from
    college. Your father-in-law keeps the keys to the property and uses it often, if not more than
    before. Nine months later your father-in-law files bankruptcy. The trustee serves you a summons
    in your father in law’s case. The trustee wants either the Tahoe property back from you or he
    wants what the property is worth. Can he do this? Will he win? Please explain fully your answer
    and under what authority under the bankruptcy code are you relying on.
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