What are Contributions and Their Impact on Bankruptcy?

What is a “contribution” in relation to bankruptcy?

“Contribution” consists of many other ways that you can receive “income” that is not immediately obvious. Thus, contributions from other persons are treated as income. 

3 Common Types of Contribution

1)Gifts

Gifts and support from others are also considered income. 

2) Large Deposits

During bankruptcy, your bank statements are reviewed, If there are large deposits, it may be construed as income. 

3) Shared Expenses

Do you have a significant other that transfers money into your account to pay expenses? That’s a contribution. That’s income.

These are just a few examples of the most common contribution types. The topic can become much more complex.

If you have more questions regarding contributions, please contact an attorney now.