So I sent this out to my lawyer today:
I have a couple questions. I'm anticipating a raise and bonus early next year. The raise should be between 5%-10%. The bonus may be 2-3k. Do we need to do anything to plan for this in our budget?
Also, how do the trustees handle Tax returns? I've read that Tax returns may be exempted at least partially.
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This was his response:
Tax refunds can usually be exempted. How much do you expect to receive? Your raise and bonus shouldn't make a difference, but I've noted it in your petition.
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What does noting it in my petition do?
Last year we got about 8k back in our tax return. We probably will get back at least 5k this year. We own a business that we will be keeping during the bankruptcy. That's the reason for the large return. I'm still waiting on his answer as to the amount we're getting on the tax return.
BTW, this was his paralegal's response.
I have a couple questions. I'm anticipating a raise and bonus early next year. The raise should be between 5%-10%. The bonus may be 2-3k. Do we need to do anything to plan for this in our budget?
Also, how do the trustees handle Tax returns? I've read that Tax returns may be exempted at least partially.
**********************
This was his response:
Tax refunds can usually be exempted. How much do you expect to receive? Your raise and bonus shouldn't make a difference, but I've noted it in your petition.
**********************
What does noting it in my petition do?
Last year we got about 8k back in our tax return. We probably will get back at least 5k this year. We own a business that we will be keeping during the bankruptcy. That's the reason for the large return. I'm still waiting on his answer as to the amount we're getting on the tax return.
BTW, this was his paralegal's response.