My parents give me money each month for a car i financed a year ago. I do not have to pay them back but how is this looked at during a chapter 7 situation?
Any money you receive on a regular basis is usually included as "income" when the court calculates whether you qualify for Chapter 7, among other things. You should probably speak with a bankruptcy attorney here in Fort Myers regarding your case.
It is considered a gift because that is what it is. In view of the fact that you likely need this gift to make ends meet, it is not likely to put you over the income test for qualification to file a Chapter 7. There are a number of fine bankruptcy attorneys in your area, including Mr. Zinn. Make an appointment with one.
Posting questions anonymously and receiving general answers do not substitute for consulting with an attorney licensed to practice in the jurisdiction in which you live. Answers posted here by Kevin C Gleason are only intended for general education of the public on legal matters. Please consult a qualified professional before deciding what to do about your situation.
It probably won't matter at all for a few reasons. Lots of people think of reasons to stop themselves from filing Bankruptcy even though they know that they need and it is a perfectly acceptable business/personal thing to do! So don't let that stop you! Get some free consultations!
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