I need bankruptcy help for ch 7 I am filling out the forms and they ask me for names and addresses of any gifts over $500 . I am sorry but I do not want to list their names and addresses as these items were given as gifts and I do not think it is the courts business to have such in formation now I do not want to lie but I need to know how to fill these items in . I am hoping some one out there has had this type of experiances and can give me some help thanks pezcbp of florida
You have a choice - list the gifts or lie to the Court. There is no middle ground or 3rd option here.
When you declare bk, you are submitting to the will of the court to handle your finances. If you fail to follow the rules and the trustee finds out that you have omitted information, your BK will be dismissed, and you could be prosecuted for perjury or BK fraud. In addition, you CR will still list the fact that you filed for BK for the next 10 yrs, even if it was dismissed
I would list them. I highly doubt you will need to sell your gifts to pay off any of your debts. Never heard of this happening. On the other hand, I highly doubt the court is going to come to your house and take inventory of your belongings and question what items might be gifts. Never heard of this happening either.
LIST THEM! You don't want your whole BK dismissed because you didn't think it was the courts business. If they need to they can find out.
Just curious, how exactly do they find out if you have any gifts? Come to your house? Ask your friends and relatives if they have given you any gifts? I'm not saying it's right to lie about gifts, I'm just wondering how they go about verifying and if it depends on how much debt you are declaring in your bk?
the trustee could look at your deposits/withdrawals from your bank accounts. Any bid withdrawals that are unaccounted for will be questioned. you can always say that a large cash withdrawal was used for gambling, i.e. playing the lotto, went crazy at the slots and lost it, etc. if the gifts that you gave can depreciate, then there shouldn't be a problem. my girlfriend gave me a $600 TV in September and will file BK7 this spring.....if the trustee calls me and inquires about it, i will tell him that it has been damaged, and he can take it to sell it if he chooses. for his 20% of what he collects, i don't think it is worth it for him. if you gave large cash gifts, just wait out the 1 year window until you file. as long as nobody is garnishing your wages, which they can't if you live in florida, i think you are pretty much judgement proof for now.....just wait until the year is up, and then file.
