Do I have to declare the $5000.00 check my great uncle sent me when I filed for Chapter 7 bankruptcy? 15 Answers as of October 13, 2012

My mother just deposited into my account. Can she take it out and do I have to declare this?

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The Law Offices of Katie M. Stone
The Law Offices of Katie M. Stone | Katie M. Stone
If you haven't filed yet, you would need to list this as an asset in your bankruptcy. Once you file, you will have to submit your last 90 days to 6 months (depending on your trustee) of bank statements to your trustee so they will see the money coming in and out and will ask you about it. You may be able to exempt it out and keep it if you have the available exemptions. I would consult with an attorney before you file. I hope you found this answer useful.
Answer Applies to: Florida
Replied: 10/13/2012
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to list all of the assets you had at the time you filled.
Answer Applies to: California
Replied: 10/3/2012
Bruning & Associates, PC
Bruning & Associates, PC | Kevin Bruning
The answer is yes, you must report the check that you received. An experienced bankruptcy attorney should be able to help you with any explanation that needs to be made to the trustee.
Answer Applies to: Illinois
Replied: 10/3/2012
Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
Absolutely. If you do not it is called bankruptcy fraud.
Answer Applies to: Arizona
Replied: 10/1/2012
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
I'm not sure what you mean by "declare". If you received the $5,000 within the 6 calendar months prior to filing your case, then it will be considered part of your income for purposes of determining means test eligibility. If the money is in your account on the date your case is filed, then it is an asset which you can probably exempt, depending on which exemption scheme you are using. Any transfers out of your account within 2 years prior to filing your case must be disclosed and the Trustee could seek to recover that money from any transferee. You need to consult with a bankruptcy attorney because there are a lot of potential issues here, or there may be none at all.
Answer Applies to: California
Replied: 10/1/2012
    Law Offices of J. L. Haddock, PLLC
    Law Offices of J. L. Haddock, PLLC | Jared L. Haddock
    Yes, you must disclose the funds in your bankruptcy schedules, specifically in Schedule B. Please note that your obligation to disclose the funds exists whether the funds are in your bank account or in cash under your mattress. The real issue is one of exemption. In other words, can the funds be exempted from liquidation in a Chapter 7 case? This would depend in part on the value of certain other assets you have. In order to best protect all of your assets, including these funds, you should consult with a qualified attorney. I offer free consultations to prospective clients in which we can review your assets in order to best protect them legally. I hope this information helps.
    Answer Applies to: Michigan
    Replied: 10/1/2012
    Law Office of Norman Moore
    Law Office of Norman Moore | Norman P Moore Jr
    You are legally obligated when you file bankruptcy to reveal all of your assets and all of your debts. That doesn't mean you can't keep that money, depending on your situation, you may be able to exempt all or part of it.
    Answer Applies to: Wisconsin
    Replied: 10/1/2012
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    It depends on the timing of the check and the reason for it.
    Answer Applies to: Michigan
    Replied: 10/1/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    When you file bankruptcy you must list everything you own and everything you owe. Consult with your attorney.
    Answer Applies to: Florida
    Replied: 10/1/2012
    Bjork Law Office
    Bjork Law Office | Attorney John P. Bjork
    You have to disclose all of your assets at the time you file a bankruptcy. If you have $5000, then you have to disclose it. Hiding it would be very bad.
    Answer Applies to: Wisconsin
    Replied: 10/1/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    It is an asset therefore you have to declare, but you may have enough exemptions to keep it. So check with your attorney.
    Answer Applies to: New York
    Replied: 10/1/2012
    LAW OFFICE OF MARGARET L. EVANS, PC
    LAW OFFICE OF MARGARET L. EVANS, PC | Margaret L. Evans
    Yes, if it was received after the filing date.
    Answer Applies to: South Carolina
    Replied: 10/1/2012
    David T. McAndrew, Attorney at Law | David T. McAndrew
    Since you have to show your bank statements to the court for the past 4 months And since this is an asset And since you don?t want to go to jail, I would recommend YES.. but, you can probably protect this money with your allowable exemptions. Talk to your bankruptcy attorney before you file. Best wishes.
    Answer Applies to: Michigan
    Replied: 10/1/2012
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Yes you need to declare it. It may be protected, you should consult with an attorney to discuss your options.
    Answer Applies to: Florida
    Replied: 10/1/2012
    Doug Dern | Doug Dern
    Yes, you have to declare it.
    Answer Applies to: Michigan
    Replied: 10/1/2012
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