Is cash gift considered income ?
July 17th, 2006 by Questions
If during bankruptcy I receive $5,000 gift from a relative, would that money be considered income and “surplus income” would then occur?
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July 18, 2006 at 9:41 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:
Yes, any monies that come into your possession must be factored into the superintendent surplus calculation.