Bank Statements

[golfgod00]

i was wanting to do ch7 in october, my attourney wanted me to wait til first part of 09......well my situation is i won a sportsbet and had 1 deposit in november and 2 in december, from online sportsbook.com
deposits 1.$9800
2.$1966.55
3.$19,847.87
anyways i didnt think about, i paid off all my wifes bills,bought a cheap car and bought some other stuff, down to about $5000
anyway now im getting ready to ch7 and just remember all that stuff in december and thought oh crap.
im trying to talk to my attourney and see what my options are

first tho, does anyone know if i should claim that on my taxes, because i never received any paperwork on it...........and i heard that banks must report deposits over 10k
since i knew i was doing bankruptcy and mainly just took care of my wifes creditors.

so i went and turned in everything to the attorney and then got home and realized about that money that i got, and was thinking if the trustee looks at the bank statements this might hurt me...............what would he do if he saw those large deposits???
can i wait 6months and then file? what are my options?
i just want to get this over and have a fresh start
please help me with my situation

thanks

[Willy13]

I'm no expert but I see a lot of big problems here. Let you attorney know everything that happened here. Hiding $30,000 from the IRS is not a wise thing to do especially on the eve of BK when people will be looking over your bank statements. If that sports place is legit, I would say they reported those winnings to the IRS. Depending on your exemptions and what you owe, the trustee willl probably want those assets. Some more knowledgable people should be posting shortly.

[golfgod00]

yeah im in the process of discussing this with my attorney, and i think i better report this to the irs, especially filing ch 7. dont need the trustee throwing stuff at me............i just wonder if most of the money is gone, what will the trustee do.............i just want to do what is right and i really just want to be able to do this ch7........getting a little worried about it all

[danaf]

Wow - good for you on winning so much! But yeah - this will affect your bk in that it is considered income and will make it look like you can pay more than you actually can. And yeah - you would probably benefit from waiting 6+ months for this to fall off so it doesn't skew your actual income. If your lawyer tells you otherwise I'd be skeptical...unless you were unemployed to begin with and had zero income.

[Willy13]

I'd like to know what your attorney says about you paying off your wifes debts. I have a simular situation only mine was a payback of charges I incurred on a relatives credit card. Sounds like you dealt directly with the creditors as did I.

[golfgod00]

in my bankruptcy its just going to be my stuff since most of was in my name, we just paid what was in her name because she couldnt do bankruptcy. and i knew i wasnt til after the first of the year, i didnt know this would bite me.

[myhearts07]

Wow. That's some scary stuff. Hubby deposited his $8k payout from 401k and we used most of it to pay bills and I was concerned about that as well as how the trustee will look at that when they look over our bank statements. we were broke and had a lot of overdraft fees that we paid. How many months of bank statements do they want? I will be embarrassed when they see all those fees and how quick that money went. We do have about $3K of it left but that is going to go to attorney fees. Do you think that will be a problem for us to file? We are looking to do a 13?

[OhioFiler]

I think someone is spamming for an online gambling site.

[jribe]

i work for a bank- they report cash deposited over 10k - or more/less if something seems off...just cash though- so if they were checks or dd you're ok

[keepmine]

First of all, this will totally skew your means test and absolutely list this as income on your tax returns.
As to what you did with the money-it's no issue unless, you file within 90 days of these payments and a preference issue is raised.

[golfgod00]

jribe>>>so if it was a bank wire, they wont report anything...........so anyone....should i report online winnings, never received any paperwork and my attourney didnt know and didnt want to give advice since she was not an accountant.

[golfgod00]

so if i wait 90days, i should be ok?.........attorney is calling me friday to discuss my options

[Trixie007]

I think you will likely have problems with the payment of your wife's cards - essentially that's like you gave her money, and the look back for insider transfers/payments is one year.

[OhioFiler]

Wouldn't it make more sense to just keep winning thousands of tax-free dollars on online gambling sites than to file bankruptcy?

[Tromploi]

Wouldn't it make more sense to just keep winning thousands of tax-free dollars on online gambling sites than to file bankruptcy?

HAHA,,,,that's funny.