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bonus and bk 7

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What is the name of your state?oh
Sometime in March I could receive a bonus based on last year. Amount would be approximately $5,000. I filed BK 7 12/2004. I am reaffirming house and cars. Do I need to report the bonus if and when I get it?

Who's Liable?

Senior Member
Most likely yes, since you were guiven a bonus it was most likely on a company check which shows they paid taxes on it... Most states REQUIRE you to report ANY extra income received AFTER the BK... You must report it to the trustee and they will decide if they want to take it or not... Remember, the creditors want ALL the money they can get back...

You can't have your cake and eat it too... ALthough sometimes I wish I could too...
Filing a bankruptcy petition creates an estate that includes all legal and equitable interests of the debtor, including contingent interests that are "sufficiently rooted in the prebankruptcy past." Several factors might be important in deciding whether a specific bonus payment is estate property, including whether the right to receive it was vested at the time of the petition, whether the employer had any discretion to pay it, etc. One case discussing the issues is In re Edmonds, 263 B.R. 828 (D. Mich. 2001). This is an issue I would expect to have to litigate if it came up in one of my cases.

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