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!!
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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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