Posted in the Jackson-Heights Forum
#3 Jan 5, 2013
How to Declare Gifts During a Chapter 7 Bankruptcy
As a debtor in a Chapter 7 bankruptcy case, you have an ongoing legal obligation to disclose and report assets you obtain during the case. For example, if you receive gifts—including cash contributions—you must report the value of these items (or cash). Under the U.S. Bankruptcy Code and the local rules of each bankruptcy court, there is a set procedure in place through which you declare gifts during the course of your bankruptcy case.
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