If we filed for a Chapter 7 and now are being moved to a Chapter 13, do we have to surrender bonuses?

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If we filed for a Chapter 7 and now are being moved to a Chapter 13, do we have to surrender bonuses?

My wife makes a 6 figure salary but I am currently unemployed. Should I even go a job now because it will increase our payback payments monthly?

Asked on September 22, 2012 under Bankruptcy Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Since your Chapter 7 bankruptcy (liquidation) is being converted to a Chapter 13 (re-structure) where your debts are going to be re-structured over a period of time so that you can pay off the approved creditors you and your spouse should not be required to surrender any bonuses that you may receive to the trustee.

Rather, the bonuses will be included in your income and bank accounts to assist in paying down your debts on a monthly basis that you can afford. I suggest that you may wish to further speak with your presumed bankruptcy attorney as to assorted questions that you may have as to this matter.


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