Hello,
I assume that the way that they tell if you got any gifts or loans from family is by looking at your banking statement. Let's say you are trying to pass a means test and a parent gave you 1000 dollar check in a gift or loan in the form of a check in recent months, or even to help you pay your BK lawyer. You cash it or deposit it and that shows up on your statement. So, you have to report it.
My question is: how can they tell if it is a gift or a loan? If it is a loan from your folks then I assume you would not have to count it as income in the means test, but report it in your list of creditors and debts. If it is a gift, then it would count on the means test. But since it is informal from family except that in the sense that it is a check, how can they know which it is, gift or loan?
Who decides? Is it just whatever you say it is, or whatever the courts say it is?
thanks!
MMP
I assume that the way that they tell if you got any gifts or loans from family is by looking at your banking statement. Let's say you are trying to pass a means test and a parent gave you 1000 dollar check in a gift or loan in the form of a check in recent months, or even to help you pay your BK lawyer. You cash it or deposit it and that shows up on your statement. So, you have to report it.
My question is: how can they tell if it is a gift or a loan? If it is a loan from your folks then I assume you would not have to count it as income in the means test, but report it in your list of creditors and debts. If it is a gift, then it would count on the means test. But since it is informal from family except that in the sense that it is a check, how can they know which it is, gift or loan?
Who decides? Is it just whatever you say it is, or whatever the courts say it is?
thanks!
MMP
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