What if grandma wants to buy a play gym?

[twuoo]

Granny wants to buy an outdoor playgym for her grandchild. I'm guessing it'll cost several hundred dollars or more.

If she purchases this item, how will it be considered in terms of filing for bk?

Would it be a mistake to accept the gift this summer?

Thanks for any suggestions!

[Peevee]

I don't see where this would be a problem at all.

[violetcat65]

wouldn't this have to be added as a personal possession asset if they havent' filed yet?

[JollyGG]

My swing set for my kids originally cost me $150. Once it was set-up in my yard and my kids had been playing on it I valued all outside play equiptment at $30.

Remember - garage sale pricing.

It's not like twuoo will have money coming out of her account to explain.

[twuoo]

Yeah, I'm just worried about what the ramifications would be in terms of filing because I haven't filed yet. I'm not interested in giving the Trustee any reason to think I've got money to spend on stuff like that because it'll be someone else buying it.

I think the structure will be on the order of $400-600...not sure yet.

[petrified]

Wouldn't the play gym belong to the children? I assume Grandma is buying it "for them" and not you

Thus, it is not your asset and need not be listed since the kids aren't going bankrupt

[SinkingFast]

Wouldn't the play gym belong to the children? I assume Grandma is buying it "for them" and not you

Thus, it is not your asset and need not be listed since the kids aren't going bankrupt

That was our attny's take on the kids' property. We used State Exemptions so the kids' things were just that. The kids'. We didn't include their things in our inventory.