Will checks that receive regarding an inheritancehave any affect on my wife’s bankruptcy?

My wife is filing for bankruptcy soon. I will not. All the bills in her filing are only in her name. I’ve received 2 gifts from my parents for $6,000 and $7,000 from the death of my grandmother. The 2 checks are only in my name and will probably be deposited in a checking account in my name only.

Asked on October 26, 2011 under Bankruptcy Law, Texas

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Any income you receive, including gifts, in the six (6) calendar months prior to the bankrupty case being filed will factor into the means test (if filing Chapter 7) or the disposable income test (if filing Chapter 11 or 13).    If they were one-time events that won't recur, you can sometimes overcome the "presumption of abuse" that may arise due to the income.

You need to have a bankruptcy attorney analyze your situation fully.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Any income you receive, including gifts, in the six (6) calendar months prior to the bankrupty case being filed will factor into the means test (if filing Chapter 7) or the disposable income test (if filing Chapter 11 or 13).    If they were one-time events that won't recur, you can sometimes overcome the "presumption of abuse" that may arise due to the income.

You need to have a bankruptcy attorney analyze your situation fully.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


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