If grandma gave you a cash gift in 2011 and you BK 7 in 2013 how long is look back?

[slvnomore]

If your grandma gave you a cash gift in 2011 and you might have to declare bankruptcy in 2013
what is the look back period for cash gifts both giving
and receiving in BK7 please.

Thank you.

[despritfreya]

Cash gifts received pre bk (but not within the 6 month window for means testing) are not relevant so long as $$ is either gone or can be protected by some exemption.

If you give large sums of $$ away within 2 years pre bk, such transfers must be listed in question 10 of the Statement of Financial Affairs. The transfer may be recoverable by a Trustee. The definition of "large sums" depends upon the Trustee.

Des.

[bcohen]

Cash gifts received pre bk (but not within the 6 month window for means testing) are not relevant so long as $$ is either gone or can be protected by some exemption.

If you give large sums of $$ away within 2 years pre bk, such transfers must be listed in question 10 of the Statement of Financial Affairs. The transfer may be recoverable by a Trustee. The definition of "large sums" depends upon the Trustee.

Des.

Wouldn't that only be an issue if the person who gave away the money (the grandmother) had to file BK? In this case, I would assume that the person filing has already spent the money, and thus it is gone. So there is nothing for the trustee to go after.

Also, it's not clear how the trustee could even find out about such a gift, unless it was given as a check, and deposited into a bank account. If it was given as cash, or if the check was cashed in a check cashing place, then for all intents and purposes, the trustee cannot find out unless you disclose it, and if the money is already spent then there is no legal requirement to disclose that you had received it.

[despritfreya]

Wouldn't that only be an issue if the person who gave away the money (the grandmother) had to file BK? In this case, I would assume that the person filing has already spent the money, and thus it is gone. So there is nothing for the trustee to go after.

Absolutely correct. OP asked about a gift going either way with no indication as to time-frame if going from him/her to someone else - or if he/she might be getting another gift pre petition. Certainly one would imagine that funds received in 2011 are gone by now.

Also, it's not clear how the trustee could even find out about such a gift, unless it was given as a check, and deposited into a bank account. If it was given as cash, or if the check was cashed in a check cashing place, then for all intents and purposes, the trustee cannot find out unless you disclose it, and if the money is already spent then there is no legal requirement to disclose that you had received it.

If the funds were received within the 6 month window, it is included for means testing purposes, especially in our district. Other than that, such receipt (outside the 6 month window) would not be relevant as far as I can tell which is why I mentioned that all important 6 month issue. As to failure to disclose (6 mo. window), not a good idea even if one thinks it is not traceable.

Des.

[slvnomore]

Thank you all so much. I appreciate the clarity of your answer. so the lookback period of recieving a small cash gift ) not property, is
6 months for all states in the US , and if you spent it all before then it is a-non issue correct?

The period for giving a gift over $600 before Bk is 2 years correct?