Screwed/any ideas?

[Tromploi]

We filed a 7 on 1/15, have our 341 on 2/24.

Husband just got a BIG check today from end of the year stuff 2008. $30K. Atty says deposit it, and see what the trustee says about it. This is all the money we could be getting for the next couple/few months. He is an IC at work. We listed his income at 8K/month. We are out of exemptions, although we are thinking about removing one we listed for equipment worth 6K. Otherwise we are gambling that the trustee will take it. I am going to pay normal bills, AND make a sizeable IRS payment. Will keep all receipts. Should have about $18-19K left after that. I think we are going to lose it, any thoughts? Something I have overlooked/am missing?

Crap.

[freshstartfl]

Wow, that is huge. BUT, they look at the 6-month picture leading up to your date of filing. So, I wouldn't think it would matter, I would think it was safe. But something tells me I'm way wrong on that... that amount is very large.

[Tromploi]

Well that is what the atty said too, BUT, this was billed prior to filing on 1/15. He billed for it on 12/26. So I don't know how that affects things?? I explained to the atty that we always get big checks in Jan/Feb for end of the year builds, but then things slow way down, so his income always averages out.

[justbroke]

Well that is what the atty said too, BUT, this was billed prior to filing on 1/15. He billed for it on 12/26. So I don't know how that affects things?? I explained to the atty that we always get big checks in Jan/Feb for end of the year builds, but then things slow way down, so his income always averages out.

Doesn't matter that it was billed.

What type of accounting system does your husband use? Accrual? Or, Cash? I bet it's cashed based, so until you received the cash, it's not counted.

[Trixie007]

What a strange world we are all living in right now... that getting a check for 30k turns into a nightmare!

[AngelinaCat]

What a strange world we are all living in right now... that getting a check for 30k turns into a nightmare!

I agree with that!

[ansky0007]

Who knows what the trustee would do, I have heard that trustee's can only look at income up to the time of filing... My trustee wanted income statements up to including the 341 date, He also is required year end info and tax statements even through we owe the IRS money.

[AngelinaCat]

Yes, but trustees also ask about any possible 'windfalls' that might happen within the coming 6 months, i.e. an inheritance, a settlement from a lawsuit, etc.

Good luck.

[subking]

Were all screwed thats why were here. Nothing you can do but wait and see whats happens. Hopefully it works out well for you.

[jribe]

how would they know about the 30k if you just don't cash or deposit the check yet?

[Tromploi]

Doesn't matter that it was billed.

What type of accounting system does your husband use? Accrual? Or, Cash? I bet it's cashed based, so until you received the cash, it's not counted.

It is cash based.

And yes I told husband that IF we lose it, we lose it. We can't have everything, doing a 7 to wipe the slate clean, all the exemptions we want. Soo,,,,we may lose it. But we're still fortunate in the grand scheme of things.

[AngelinaCat]

I am surprised that if your attorney knew DH was apt to a large check in January or February, that he went ahead and filed. Filing could have been delayed to a date six months after the payment.

'Hub and I get a yearly stipend from a Trust in January. Our attorney was not even going to think about filing until six months had passed.

[Tromploi]

I am surprised that if your attorney knew DH was apt to a large check in January or February, that he went ahead and filed. Filing could have been delayed to a date six months after the payment.

'Hub and I get a yearly stipend from a Trust in January. Our attorney was not even going to think about filing until six months had passed.

Atty didn't know, we didn't even really think of it to be honest. Husband always gets big checks in Jan/Feb, so just figured it all averaged out in the yearly income.

And the only reason they would know is because now I told the atty and he has to disclose it to the trustee. Otherwise we debated about not depositing it, BUT we do need to pay bills and taxes soo,,,,,

[AngelinaCat]

Atty didn't know, we didn't even really think of it to be honest. Husband always gets big checks in Jan/Feb, so just figured it all averaged out in the yearly income.

And the only reason they would know is because now I told the atty and he has to disclose it to the trustee. Otherwise we debated about not depositing it, BUT we do need to pay bills and taxes soo,,,,,

AAARRGGHHH!!! I sure hate hearing that. You and your DH remind me so much of 'Hub and I. We made soooooo many stupid mistakes with our case. We blame that on our attorney not educating us. We could barely get any communication from her or her assistant when we asked questions. We didn't find this forum until four months after we filed. Then were our eyes opened!!

I hope your attorney is much better and will find a way to handle this.

Good luck, and you are in our prayers~~~~

[Tromploi]

I know. When I called the office to talk to the PL today about the check the atty answered the phone! Haha,,,,we chatted for quite awhile. We have a very complicated case, he has said so many times, several businesses and a ranch. But, again, I really think if we have to lose a big chunk of it we are still better off than we are now. I try to be very grateful, and not entitled, WE did this. so we may have to pay. We thought it was going to be a 13 until signing, so I'll take losing 20K or so. We have 130K in CC debt. Sounds like an okay trade off to me.

I just want it over. I have posted before I am also getting a divorce, so I have such bigger fish to fry. My boys, 14 and 11, don't even know yet. I still have to break their hearts and tell them soon. Money seems very low on the list right now.