In my opinion, it isnt income for the schedule I. It should be reported on
the SOFA.
On Sep 1, 2017 5:53 PM, "Nicholas Gebelt
ngebelt@gebeltlaw.com [cdcbaa]" wrote:
>
>
> Dear cdcbaa Sages,
>
>
>
> *Background Facts:*
>
>
>
> Debtor bought a car for her daughter to use. The car and loan were in
> Debtors name. Debtor made the payments for a year and a half. Daughter
> married and wanted to take the car across country. Debtor didnt want the
> potential liability. Her solution was to sell the car to daughter> husband. The balance on the debt at the time of sale was $20,000, so
> daughters husband sent Debtor a check for $20,000. After depositing the
> check in her bank account, Debtor sent a check for $20,000 to the lender.
> At the time of sale the car was worth about $15,000.
>
>
>
> *Question:*
>
>
>
> How much, if any, of the $20,000 should be reported as income on the
> Chapter 7 means test?
>
>
>
> Thanks for your insight.
>
>
>
> Nick
>
>
>
> *Nicholas Gebelt*
>
>
>
> Nicholas Gebelt, Ph.D., J.D.
>
> Attorney at Law
>
> Certified Bankruptcy Law Specialist State Bar of California Board of
> Legal Specialization
>
>
>
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In my opinion, it isnt income for the schedule I. It should be reported on the SOFA.
The post was migrated from Yahoo.
