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  1. #1

    Default Financial Gift from a Friend While in Chapter 13 Bankruptcy

    NJ-I am in a BK13 for 1 1/2 years so far and have 4 to go. My friend wanted to buy a condo with the equity on his present home and have me open up an LLC so I could collect rent, make the payment on the condo and possibly have something extra to look and pay off my BK earlier. My question...can I open up an LLC in my name while in a BK 13? Also, if I was to receive a piece of property from a friend can I have it in an LLC name that I applied for? Also, I understand that while in a BK13 every penny has been accounted for for repayment-can one in a BK13 every get ahead by investing? Thank you very much.....

  2. #2
    Join Date
    Sep 2005
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    Default Re: Financial Gift from a Friend While in Chapter 13 Bankruptcy

    If you do that you will have income you will need to report to the trustee. If your friend for some reason gifts you the property, even if through your LLC, that's an asset you would report to the trustee.

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