Bonus question

[kimberlylou299]

I recently filed a few weeks ago. After fileing I received a nice bonus from my work. It was pretty big. Do I need to report this extra income to anyone? I don't really know what I am suppose to do. I want everything to go through smoothly.

[ProSefromCA]

From everything I've learned so far, the date you file is important only for what your financial situation is at that point and leading up to that point. Anything you receive after you file is not included in the estate created with the trustee when you file. The only issue is that at your 341 meeting the trustee may ask you if your financial situation has changed to determine if a challenge should be made to push you into Chpt 13. I don't think a one time bonus would make a difference. (unless seriously large!)

[kimberlylou299]

Another Question

Thanks for the bonus answer, but now another question.

I am a teacher and I have the option of spliting my paychecks so that I can recieve money over the summer. At the end of the school year they give me five paychecks all at once. This is money for the summer do I report this or what?

[ProSefromCA]

My mom's a teacher, so I know about the summer check strain.

Whether you receive checks all at once or spread out, the only thing of concern to the Trustee is your average monthly or yearly income - to determine your ability to repay. So the answer is no. You have already filed and you received no net change of income. There is nothing to report.

[kimberlylou299]

OH thank you so much for your help. That is a relief! I can't wait to have this whole thing behind me.

[lrprn]

OH thank you so much for your help. That is a relief! I can't wait to have this whole thing behind me.

Hate to do this, but I have to bring up one thing that may be a problem. One of the questions that trustees sometimes ask during 341s is if your income has changed since you filed. Be sure to ask your bankruptcy lawyer what you should answer if your trustee asks you this question.

[kimberlylou299]

Why would I answer yes? I won't be getting paid all summer. Those paychecks are for the summer. I still need to be able to pay my bills. I don't work over the summer.

[kimberlylou299]

I was told that all I have to bring is my most recent pay stub. Isn't that all they are interested in? I don't have to report income received, I just answer if my situation has changed, which it really hasn't. Is that correct?

[jal1129]

Just depends on how your trustee asks the questions. He/she may ask if you've received a bonus. If they are familiar with how teachers are paid over the summer they may ask if you took all your summer checks at once already. Or they may ask nothing of the sort, you just never know.

[kimberlylou299]

But would it matter that I got all my paychecks at once? Without them, how would I support myself over the summer.

I am a preschool teacher, and most preschool teachers do not get the option of spliting their paychecks anyway.

Do they usually ask if you recieved a bonus after fileing?

[SinkingFast]

If you've taken all your summer checks at once in the past, it's already reflected in your previous year's income taxes. The Court sees the most recent 2 years' worth of filed income taxes. So you getting your summer pay in one lump sum post filing probably isn't an issue.

The Bonus, on the other hand, may be an issue. The Trustee may ask, at your 341, if you're entitled to receive Bonuses in your position. And if so, how much do you typically receive.

Hubby was asked the Bonus question at our 341. But the Trustee didn't ask any other filers prior to us the Bonus question. Could be, that was a function of Hubby's line of work. Dunno for sure.

It's really gonna depend on the Trustee whether you get asked or not.

[Ruthanned1]

in a chapter 13 RE: NFS bonus

if NFS receives bonus from work , does trustee claim it? i filed by myself.

[newbie2]

if NFS receives bonus from work , does trustee claim it? i filed by myself.

Ruthann, you will have better luck if you post your own thread. This one is over 2 years old. (Also, what does NFS mean??)

[thereshope]

I had to bring my current pay stubs since filing to the 341 which showed a bonus. But it wasn't a problem.