Legal Question in Bankruptcy in Illinois
gifts
Hello,
I was wondering what happens when a gift is given by someone who is going through bankruptcy proceedings. Does the court do an accounting of the gifts and retrieve them from the person who received them?
Asked on 12/07/08, 4:36 pm
1 Answer from Attorneys
Lesley Hoenig
Lesley A. Hoenig, Attorney at Law
Re: gifts
It depends on the size of the gift, but yes,if the trustee believes it is worthwhile to go after the recipient of a gift, the trustee can and will do so. This doesn't usually happen in a chapter 13, however, because the debtor will pay that amount into their chapter 13 plan.
Answered on 12/08/08, 10:20 am
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