Could loan to father be seized?
Date: Tue, 06/29/2010 - 12:05
My father has a lot of debt and collection agencies that are going after him for some time. They've threatened court action and wage garnishment, but it hasn't reached that point quite yet.
I have been doing well enough that I'd like to loan / gift my father some money. It'd really be a gift, b/c I don't expect to get it back ever. My concern is that if I gave him $5,000, the collection agencies would see that or he might have to report it if they take him to court, and then they would seize it.
I want to see him use that money to live better (eat better, play golf), not see it go to a collection agency.
Any thoughts on whether that money would be safe or not?
I have been doing well enough that I'd like to loan / gift my father some money. It'd really be a gift, b/c I don't expect to get it back ever. My concern is that if I gave him $5,000, the collection agencies would see that or he might have to report it if they take him to court, and then they would seize it.
I want to see him use that money to live better (eat better, play golf), not see it go to a collection agency.
Any thoughts on whether that money would be safe or not?
It probably would not be safe if the money was put into his bank
It probably would not be safe if the money was put into his bank account. Money is money from a collection agency's stand point unless they can identify the source.
