bonus

November 24th, 2009 by Questions

If I claim bankruptcy and a couple of months later recieve a $20000.00 what can happen to it if anything?

Posted from: Ontario

Questions

One Response to “bonus”


November 25, 2009 at 9:23 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The way this is handled really depends on the nature of the money. If this is a bonus is considered income. This means that the surplus income obligation would apply and you would likely have to bring in 50% of the bonus,

The other way to treat a lump sum of money is to treat it as an asset. So let’s say this was an inheritance so it is not related to your normal income or property, If you were in bankruptcy the total amount would be lost as a result of the bankruptcy.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)