paychecks/deposits after filing date?

[reeltrouble]

Hi all,

I've seen questions about this in quite a few posts, but had a specific question. I havent had ANY income since December (literally zero). Filing date was this past Wed (4/8). Our atty advised that any paychecks received after filing date are generally safe, but my case might be different since I am a 1099 commissioned employee. Specifically, he said anything I "earned" in March, even thought not paid yet, would be considered an account receiveable, and therefore an asset, but not income.

The catch is, I really dont know how much I will be paid for March's work, or on what date I will get it. I estimated what the amount would be, and the atty put in the max possible exemption for "income earned but not received".

Since I wont get a check until at least next week, 7-10 days after filing, will I need to verify this amount, and prove to the trustee how much I actually got, since it was listed in the exemptions? Will he/she just want another bank statent for the month after filing? I realize this is at their discretion, but I'm stressed about it, and wondering if anyone else had a similar situation?

Thanks so much

[Floridagail]

I filed in January, and had to provide my Jan statement to attorney right before 341 meeting in Feb. 90 days worth of statements. She also asked me if I bought anything 500 or more in last 90 days.

[StartingOver08]

Yes, I had this situation. For full commissioned people and self employed filers - we have to give to the Trustee our accounts receiveable (in your case, commission receiveable).

The only thing you can do is exempt what the maximum you can under your state's exemptions (or federal exemptions if avail to you). Once you get the receiveable you will need to turn it over to the Trustee (the amount above the exemption). These are the only 'future' checks that are subject to this treatment. The money is considered earned when the sale is made - even though you may have all of your books on a cash basis and not count the funds until received. The Trustees are very, very familiar with 1099 employees and their uneven payment schedules. Sorry. Just do your best to exempt what you can. After the filing date you can earn to your heart's content and the Trustee can not take it.