Getting a bonus - when to file? And other ?s

[coolmom04]

Sorry for all the questions... this is the first place I've come to where people actually seem to know what they are talking about and want to help!

My husband will get a bonus in August of 2010. When do we need to file so that the bank account totals will be looked at before he gets that bonus? I guess what I am wondering is.. if we file now, are we safe? Will everything be taken care of before August?

My other question is when will they start looking at bank records? What all do they look at/for? If we were to go in and file this week, do I have to bring the past six weeks worth bank statements with me?

[justbroke]

For a Chapter 7, the Estate only includes those items in existence at the time you file. So any "future" bonus is safe. What's not safe is any income tax 'overwithholdings" that may have accumulated before you file. This is because tax overwithholdings are like money in the bank (earned income being held by the IRS to be returned later). The only other money that you may get after filing that could be property of the BK estate, are things like inheritances and death benefits (within 180 days of filing) or your rights to any insurance settlement/judgment (for an accident that occurred prior to filing).

What paperwork you need to file will be based on your Attorney's practice and then what the Trustee requires.

So, a "future" bonus doesn't count!

[jribe]

Most attorney's ask for 3-6 months bank statements; but they don't always go to the trustee.
I filed pro se in CA- and the trustee didn't ask anyone for bank records.

I had actually taken out cash awhile back, thinking it would be taken or be considered income- and turns out it didn't even matter.

Sorry for all the questions... this is the first place I've come to where people actually seem to know what they are talking about and want to help!

My husband will get a bonus in August of 2010. When do we need to file so that the bank account totals will be looked at before he gets that bonus? I guess what I am wondering is.. if we file now, are we safe? Will everything be taken care of before August?

My other question is when will they start looking at bank records? What all do they look at/for? If we were to go in and file this week, do I have to bring the past six weeks worth bank statements with me?

[music12]

i would plan to file early enough so that the bonus does not show up on the same bank statement that includes the filing date. that means, file at least a month before the bonus comes. i would even go for two months so that the bonus will come after the 341 meeting. not that it matters - it's safe even if it's there one day after filing - but lots of people get stressed out about things like this. so to reduce stress, that's what i would suggest. however, if you are not easily stressed, then you just need to file a day before the bonus comes...

[coolmom04]

OMG I am so easily stressed. I have hives now that we've decided to move forward with this b/c I am so worried about the outcome. So, when you say it's safe even if it's there one day after filing.. what exactly is the file date? Is that the day that the attorney files the paperwork to proceed? I feel so stupid that I don't just readily understand everything I am reading. I suppose if I wasn't so stressed, maybe it'd all be more understandable to me.

[LimpDisc]

OMG I am so easily stressed. I have hives now that we've decided to move forward with this b/c I am so worried about the outcome. So, when you say it's safe even if it's there one day after filing.. what exactly is the file date? Is that the day that the attorney files the paperwork to proceed? I feel so stupid that I don't just readily understand everything I am reading. I suppose if I wasn't so stressed, maybe it'd all be more understandable to me.

Yes, the file date is the actual date the attorney files your BK petition with the court.

[coolmom04]

Okay.. thank you

[coolmom04]

So if we file in three months in March (after waiting out 90 days since our last CC use), if the bonus shows up in July, how will that hurt us? For instance, is the most that will happen is they take the bonus from us and use it to pay down debt before allowing the discharge? Because we don't have a problem with that.

ETA: Sorry, didn't see the post about the actual file date and the bonus being "safe" if it comes after the actual date of filing. Thank you for that

[music12]

...so you have your answer, the bonus is safe.

don't worry about not understanding things at this stage. everybody is a newbie at the beginning!