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Monetary Gifts

I just wondered if during bankruptcy if a person is allowed to accept a monetary gift from a friend or family member. And if so, up to how muchÉ

Posted from: Ontario

One Response to “Monetary Gifts”

A licensed trustee said...

Technically, any monetary gift is considered a “windfall” (free money) and can be seized by your trustee for the benefit of your creditors. You should speak to your trustee to clarify the threshold they want to report. For example, your trustee won’t likely care that you received $20 from your family on your birthday. They probably will care if the gift was a $1,000…