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Commission Received. What now?

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    Commission Received. What now?

    I received a commission check today that I was told I would not be getting due to pay decreases. I filed BK7 on Sept 1,2009. My 341 is not till Oct. 29, 2009. What should I do with this check?
    Filed 9/01/2009
    341 Scheduled for 10/29/2009 (Smooth )
    Trustee Report of No Distributions 10/30/2009
    Actual Discharge 1/12/2010

    #2
    since you already filed...keep it?
    Filed: 6-7-2010 341: 7-15-2010 DISCHARGED: 9/17/2010

    Comment


      #3
      Originally posted by nc73 View Post
      since you already filed...keep it?
      But can I put it in the bank? What if trustee ask for Sept. bank statement and he sees it go into my bank?
      Filed 9/01/2009
      341 Scheduled for 10/29/2009 (Smooth )
      Trustee Report of No Distributions 10/30/2009
      Actual Discharge 1/12/2010

      Comment


        #4
        For us, the TT didn't need anything post-filing (no bank statement, etc). We gave our attorney our bank statement that went up to the filing date & that was it. But I have heard of the TT asking for info after filing.
        Filed 8/2009
        Discharged & Closed 11/2009
        Now the rebuilding begins....

        Comment


          #5
          Was this a commission earned prior to your filing or after your filing date?

          You may want to discuss this with your attorney right away. I know that in my case all commission receiveables earned but not paid as of the filing date belonged to the trustee. Any commissions earned after filing (contract written and closed after the filing date) belonged to me. Check with your attorney for clarification.
          Filed CH 7 9/30/2008
          Discharged Jan 5, 2009! Closed Jan 18, 2009

          I am not an attorney. None of my advice is legal advice in any way..

          Comment


            #6
            We are real estate agents. We had to declare a sale that was in escrow at the time of filing even though it was uncertain escrow was going to close (the buyers had not fininshed their inspections and removed contingencies). The un-paid commission had to be listed as part of our exemption amount. At our 341 hearing, the Trustee asked if escrow closed and we were paid the commission (which we were).

            I agree with StartingOver08. You need to check with your attorney for guidance.
            Filed Non-Consumer Chapter 7: 07/31/2009
            341 Hearing: 09/03/2009
            Last Day for Creditor's Objections: 11/02/2009
            Discharged! 11/03/2009 CLOSED! 01/05/2010

            Comment


              #7
              Originally posted by StartingOver08 View Post
              Was this a commission earned prior to your filing or after your filing date?

              You may want to discuss this with your attorney right away. I know that in my case all commission receiveables earned but not paid as of the filing date belonged to the trustee. Any commissions earned after filing (contract written and closed after the filing date) belonged to me. Check with your attorney for clarification.

              This was commission earned after filing date.
              Filed 9/01/2009
              341 Scheduled for 10/29/2009 (Smooth )
              Trustee Report of No Distributions 10/30/2009
              Actual Discharge 1/12/2010

              Comment


                #8
                Originally posted by BC7114 View Post
                This was commission earned after filing date.
                Sounds like you get to keep it since it was earned after the filing date!
                Filed CH 7 9/30/2008
                Discharged Jan 5, 2009! Closed Jan 18, 2009

                I am not an attorney. None of my advice is legal advice in any way..

                Comment

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