Bankruptcy: What is considered income

Question Details: In Bankruptcy are the following considered income: 1) Sale of personal assets Ie: a sofa or TV appliances 2) Cash advance on credit card or line of credit 3) Sale of gold coins Thanks for your help!!

Asked 10/30/2009 under Bankruptcy | 458 View(s) | More Legal Topics

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Bankruptcy Law Answers

Madan Ahluwalia / Ahluwalia Law P. C. Answered 2 years ago | Contributor with 0 answers This attorney is licensed in California

No. It is not income. Sale of personal assets (including sale of gold coins) is one time event. Cash advance on credit card or line of credit card is borrowing. The trustee will review these transactions carefully though and you will have to report them. Moneys generated through sale of personal assets will have to be accounted for as would the cash advance.

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