Will the money from my dad to care for his needs be included as income in my bankruptcy?
Full Question:
If I filed bankruptcy and part of the monies in my checking account was from my dad which was a check that I deposited into my account the day before my filing to purchase things for his home, my mom just recently died and my dad is not in the best of health. I am the power of attorney of my parents estate, do the trustee have the rights to include the monies in which my dad gave me to handle his business as part of my assets.
02/28/2009 |
Category: Bankruptcy |
State: Ohio |
#15391
Answer:
Income is not defined by the Bankruptcy Code, but the courts have held that Congress intended a broad definition of income for purposes of eligibility for bankruptcy. Some courts will apply the definition of income in the tax code, which is income from "whatever source" it is derived. It will be a matter of determination for the court based on all the facts and circumstances involved. Some of the factors that may be considered by the trusteee include how much discretion or personal judgment you have over how the funds are spent and whether the funds may be used for your personal benefit.
For further discussion, please see:
http://www.ilsb.uscourts.gov/opinions/Clark(07-31805).pdf