Surprise Bonus - What to do?

[DesdemonaB]

Hello All

After three years of no bonus - just happy to make it thru 6 rounds of layoffs - we were informed yesterday in our quarterly company town hall we will be receiving bonuses. When I filed in November 2010 I knew my US based department wasn't going to make our revenue numbers as well as prior bonus history I did not report a projected bonus on my file. Turns out the total company NOI was enough to rewards us with a bonus.

Well it was deposited this morning - my boss is out of town and did not have a chance to tell me the amount till 12:30 AM this morning via email - after taxes the grand total was 243.00, should I notify the UST?

I am t-minus 15 days till discharge - the last thing I want to do is screw that up - IMHO 243.00 dollars will not even come close to satisfying my creditors but I don't want to do anything illegal but not informing the UST of the income.

Or is this exempt under wages? MI doesn't have a wildcard.

[newbie2]

You already filed, you have no worries, especially over $243.00. I wouldn't even sweat this, but if it will cause you sleepless nights pick up the phone and call your attorney for reassurance.

[justbroke]

A surprise bonus has nothing to do with your pre-petition income. It's exempt because it's considered "post-petition" income.

[DesdemonaB]

Oh thank for your replies newbie2 and justbroke -

I know it seems seems silly to worry about 243 dollars - but with only two weeks before the discharge I just don't want to screw up. It would be like running the full track in a race only to trip on the lace of your 243.00 running shoe inches from the finish line.

Happy Friday Everyone

[clevelandmom]

Congrats on the bonus!!! As the others have said, it is "post-petition" so that means it is not part of the "bankruptcy estate." Look at it this way: on the day you file BK, you are asking the court to give you a fresh start by forgiving your debts. It wouldn't be a "fresh start" if they forgave your debts, yet penalized you for every extra cent you made after you filed BK. A lot of things about BK don't seem to make sense, but that is one thing that does. Best of luck! Counting down with you!!

[DesdemonaB]

Congrats on the bonus!!! As the others have said, it is "post-petition" so that means it is not part of the "bankruptcy estate." Look at it this way: on the day you file BK, you are asking the court to give you a fresh start by forgiving your debts. It wouldn't be a "fresh start" if they forgave your debts, yet penalized you for every extra cent you made after you filed BK. A lot of things about BK don't seem to make sense, but that is one thing that does. Best of luck! Counting down with you!!

Thanks Clevelandmom - and a super congrats on the new car. Hopefully in April I will be able to post my car buying experence too.

[helpmeout]

You have filed already. Don't worry about it. I got a bonus (it was over $4K) the day after I filed (hence the reason I filed earlier than planned). My attorney said what I got after I filed was mine. I wasn't even asked about any money received after filing date other than about my tax refund, which was higher than anticipated. Fortunately, the entire amount was exempted.