Legal Question in Bankruptcy in Nevada
Receiving gifts after filing bankruptcy
I filed chapter 7 bankruptcy 2 months ago. A family member would like to give me a gift in the form of a check, totaling $5000. I have already been told that I will have to turn over my tax return check. Would I have to report the gift as well if I received it or is it mine to keep? I have heard rumors that any money or gifts received after filing bankruptcy can be seized during a 6 month period.
Asked on 1/04/04, 10:38 pm
1 Answer from Attorneys
James Smith
James E. Smith Ltd.
Re: Receiving gifts after filing bankruptcy
No. This is a post-petition transaction and you may have this money. Your income tax return is for money accumulated before you file and this is why you have to turn it over.
Answered on 1/04/04, 10:56 pm
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