Legal Question in Bankruptcy in California
Chapter 7 Bankruptcy questions
If I transferred money from my father's bank account (which is joint with me) into my own account, would that be considered income? If I did this regularly, would it? Or is that a gift? He does not need me to pay him back
1 Answer from Attorneys
Re: Chapter 7 Bankruptcy questions
If this is a regular thing, and there is no expectation of being repaid, then it is income. If there is an expectation that it will be repaid, then it is a loan, and either way, it goes into your bankruptcy as income or a debt. You may also list it as a gift if there is no expectation of repayment.
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