I filed for chapter 7 on 7/08, and come to find out I am going to be receiving a bonus from my employer on 9/18, will I be able to keep this bonus or will I have to turn it over to the trustee.
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Did your entitlement to the bonus come into existence before or after you filed, regardless of when you found out about it?
If it was before filing it is an asset of the bk estate subject only to whatever exemption you may claim. Since you did not mention what state you are in there is no way to even guess at your exemptions.
If it was after filing it is not property of the estate.
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I live in the state of Iowa.Comment
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ExemptionsOriginally posted by dmudduck442 View Post
Iowa Code 627.6(10) - Accrued wages and tax refunds $1,000;
Iowa Code 627.6(14) - Cash on hand, bank deposits or other personal property (wildcard) $1,000.
I do not know if you can combine this "wildcard" with the wage exemption.
Edt. to add. . .
The exemption table I reviewed shows that you can "stack" them with your spouse but I do not know how it works in your state - using the doubling to protect only one spouse's wages.
So the question goes back to . . .
When did your entitlement to the bonus come into existence?
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