Personal Bankruptcy Any risk to accepting gift after 341

[gghighlife]

I just had my 341 for my Ch 7 case today. A community member wants to gift me with a car (value around $30K) and it's my understanding that it wouldn't affect my discharge, and the trustee could not consider it an asset at this point. Can you confirm this? Don't want to accept this if it will jeopardize my case.

Many thanks!

 

[Proserpina]

The trustee can absolutely consider it an asset.

 

[despritfreya]

Proserpina,

I must respectfully disagree. After acquired assets, with the exception of those referenced in 541(a)(5), are not assets of the Chapter 7 estate. A Chapter 7 Trustee would only have an interest if the source of the funds used to purchase the asset was from non-exempt funds the debtor had on the day the case was filed. A gift such as what OP is mentioning is not an issue. However, OP, you may have to deal with a gift tax issue so you will want to discuss the acceptance of such a valuable gift with an accountant.

Des.

 

[gghighlife]

Thank you for this Des - and for your comment on the other forum. Since this is such a big step for me I wonder if there is anyone else who has anything to share - just so I feel absolutely safe about registering this care under my name.

Many thanks!!