trustee's notice of possible assets

[cleanslate01]

Is this standard? I got it today and it says "all scheduled assets will be abandoned from the estate, except for:
1) prorated 2009 federal and state tax refunds
2) potential recovery of preferential payments
3) potential pro-rated employment bonus"

We aren't getting a tax refund for federal because we owe back taxes and I doubt we'll get anything from state.

We didn't make any preferential payments. The only thing we kept paying, other than rent and utilities, were the IRS (payment plan), my student loan, and the car, which we reaffirmed.

My husband just started a new job, which the trustee knows. She asked if he was getting a bonus and he said no. So, not sure what this means.

I emailed lawyer but you guys are quicker! :-)

[Michigan1951]

I think it is a matter of wait and see, unless you get a response from your lawyer.
All cases are sure different. The courts are buried and I have seen no movement
in my case either. I didn't even get an initial report or final report. No UST or Trustee or creditor objections since I filed. Hopefully, your issues might have happened to someone else on this forum to comment. I just wanted to touch base and tell you
to hang on..........

[HHM]

Standard procedure, nothing to worry about.

[goneunder]

HHM can you elaborate? Potential pro rated employment bonus, does that mean if you get a bonus they take it? What are preferential payments? How many future tax returns can they take? I am finding that the more I research the more questions I have, so as far as standard procedure is it meaningless or something they put in there to get $$ a year after discharge?

[mommyof3kids]

HHM can you elaborate? Potential pro rated employment bonus, does that mean if you get a bonus they take it? What are preferential payments? How many future tax returns can they take? I am finding that the more I research the more questions I have, so as far as standard procedure is it meaningless or something they put in there to get $$ a year after discharge?

Yes, they can take a pro rated bonus. If you get say a $24K annual bonus and file in October the 10th month. Then $24K divided by 12 =$2K times 10 months equals $20K you would have to give the trustee.

Same with the taxes for the year you file. When you file in April it is for this years taxes so if you get a refund you would have to give 10 months worth to the trustee if you are not able to cover it with your state exemptions.

Good luck
Tammy

[backtoschool]

Now that you are an asset case, the trustee is just throwing some things against the wall to see what sticks in negotiation with your attorney.

There must have been an insider transfer of money or property or a preferential payment of some sort if that was on the asset report. Did you give any money or property to family in the last year?

The trustee can take part of the bonus.

[OhioFiler]

Now that you are an asset case, the trustee is just throwing some things against the wall to see what sticks in negotiation with your attorney.

There must have been an insider transfer of money or property or a preferential payment of some sort if that was on the asset report. Did you give any money or property to family in the last year?

The trustee can take part of the bonus.

How can the trustee take part of a hiring bonus earned after the filing date?

[backtoschool]

How can the trustee take part of a hiring bonus earned after the filing date?

It is not clear when the bonus was received. Also, if the bonus is a significant amount of money, then that would be a "change in circumstance", and the trustee could go after the money that way.

[OhioFiler]

It is not clear when the bonus was received. Also, if the bonus is a significant amount of money, then that would be a "change in circumstance", and the trustee could go after the money that way.

There was no bonus.

I disagree a post-filing bonus would be subject to seizure.