vacation time as an asset?

[laurannm]

Anyone ever heard of accrued vacation time being considered an asset? My lawyer mentioned that it could be, particularly since I have a ton of it accrued.

[magyar123]

No it's not.

[Cali]

Even if it's paid vacation time?

No it's not.

[laurannm]

Even if it's paid vacation time?

That was my lawyer's point...it's paid out to me, even if I were to leave the company

[JRScott]

If you can take it as a cash option then yes it is possible the Trustee might see it as an asset if he finds out about it. This doesn't mean they are your lawyer is just identifying something that might become an issue.

[Flamingo]

Depending on your company policy as to accrued vacation time, if you leave your job and have accumulated sick and/or vacation time, you are paid for that time after you leave. Unless policy dictates otherwise, it has no cash value to you unless you leave your employment or your company has other options. Sick and vacation time is part of your employment package upon hire. You can also lose vacation time at some companies if you don't take it by a certain date and many have a limit on the amount of days you can accumulate.

Take the matter up with your HR Department as an aside and see what they say; then relate that to your attorney.

[laurannm]

I am going to mention it to my lawyer...according to HR we get paid for all accrued vaca time upon termination of employment. Right now I have 215 hours (public employee ) accrued. However, worst comes to worse, I will have enough of the fed wild card exemption to cover it, so I am not too worried

Thanks for all your responses

[scubaman]

While we're on the subject a few questions

I am confused about so many areas of the BK process and so you all seem to really have a good wealth of information so if I may ask for some clarity on the following:

1) I also have Stk bonus w/my company that I have accrued and I actually have to pay for them example- my price for 1000 shares is 11.00 but right now the stk's are at 15.00 but i still would have to pay taxes on the profit
2) I also have stk that hasn't accrued yet - it does in 2009, 2010 etc but the price is like 27.00 for me to buy them.

3) what is the fed xemption that was talked about in the previous post or wild card?

I hope this is clear.

Thanks for any help you might have.

[Flamingo]

Stocks are an asset. Your attorney prior to filing would need details on your holdings and what you are paying into any stock purchase plans, etc. Each state has various exemption amounts to cover different things (i.e., property, other assets, etc.) and you are given an exemption as to that amount. It all depends upon the state in which you live as the amounts vary.

[scubaman]

Thank you very much!