Stock and stimulus check ?

[GaPeach]

My hubby and I filed Chapter 13 on Nov 3 and we had out 341 on Dec 1. Everything seems to be going fine but I have 2 questions that I haven't got to ask my lawyer yet and was wondering if anyone knows the answer.

1. I am enrolled in my company's stock option plan. Am I allowed to sell my shares of stock while I am in a chapter 13?

2. I hear that the government is considering another tax stimulus check. I owe some back taxes that are included in my plan and they are being paid back at 100%. The only things I am paying are the lawyer and the IRS- the unsecureds are getting nothing. The IRS took my last stimulus check. Am I going to get to keep a new one or will it go towards the debt also?

Thanks for the help

[justbroke]

I am enrolled in my company's stock option plan. Am I allowed to sell my shares of stock while I am in a chapter 13?

Is this a true ISO (Incentive Stock Option) or other Stock Option, or is this is a Stock Purchase Plan (SPP)?

If it's an SPP, then how in the world did you exempt the money in it?

If they are Stock Options (ISO or NSOs), then only the portion of them which are vested (or vest during your Bankruptcy in a Chapter 13) are part of the BK Estate. I have some ISOs which haven't vested yet. I'm waiting to see what will happen to them. I hope the Trustee takes them and exercises them, because she'll loose $60/share.

I hear that the government is considering another tax stimulus check. I owe some back taxes that are included in my plan and they are being paid back at 100%. The only things I am paying are the lawyer and the IRS- the unsecureds are getting nothing. The IRS took my last stimulus check. Am I going to get to keep a new one or will it go towards the debt also?

If you owe them money, they are allowed to "set-off" your balance with the stimulus. However, some folks have received tax returns, even though they are in Plans with payments to the IRS for back taxes. Your mileage may vary.

Even if you did get the stimulus check, the Trustee would probably take it.

[GaPeach]

It's a stock purchase plan and there was nothing in it when we filed because we had already sold it all to make expenses. The stocks are purchased every three months. I really not planning on touching it but I was wondering if anything ever came up where we needed extra money if that would be an option.

[linkid]

I have the same question. I was given my stock opt proceeds and I told my lawyer. He said it would be included in my last pay stub. I don't think it was. It was for $3,000. I used it to help pay for bills when husband was out of work due to surgery. Lawyer will not answer my phone calls. My 341 meeting is a week from this Thursday. I'm starting to panic. Also I changed banks but didn't close out the one I had with my credit cards. Should I cancel the checking account?

I looked up my case and they are saying it is a no asset case.

[justbroke]

I have the same question. I was given my stock opt proceeds and I told my lawyer. He said it would be included in my last pay stub. I don't think it was. It was for $3,000. I used it to help pay for bills when husband was out of work due to surgery. Lawyer will not answer my phone calls. My 341 meeting is a week from this Thursday. I'm starting to panic. Also I changed banks but didn't close out the one I had with my credit cards. Should I cancel the checking account?

I looked up my case and they are saying it is a no asset case.

I can't answer the checking account issue as I don't know if you have other loans with that bank.

As for worrying... stop. If the lawyer said it was okay, it's okay. Hopefully, he listed it as an asset and exempted it.