Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Money received and filing

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  • Money received and filing

    So here's my situation, new to all of this, obviously. I just retained my lawyer last Tuesday and got all my paperwork to start everything. I completely forgot that I have to cash out on some vacation time at work or else I will lose it. It's less than a $1K I will receive, and I know I will report this on my paperwork, but what I am anxious about is how or if this will affect my filing? I know this gets reported as income, so I am afraid of what it could do to my status. Just wondering if anyone out there has been in a similar situation. Also, with Christmas coming up, should I not be buying anything? Not that I have much to spend.

  • #2
    If it is received in the 6 months before the month in which you file, it will be included as income on your means test. So, if you receive it in December and file in December, it won't be included. If you receive it in December and file in January it will be included on your means test.

    If it is going to make a difference to your filing, why not take your vacation time instead of the cash?
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      Again, being new to all of this...I have quite a few hours of vacation time and it's a use it or lose it situation. I already have time off I'm taking, but I was still going to be over the limit allowed, and I can't take too many vacations back to back, so I cashed it out. Trying to remember everything you can when filling out paperwork and talking to the caseworker, it was something I didn't even realize until I got home and really started digging into my files and looking at all the forms I was filling in. Now that I have had time to process all of this, I can see where I maybe could have planned this better, if that makes sense. Before even proceeding with the thought of bankruptcy, I was so stressed out because of my finances, that I just can't think straight most days. I still feel that way at times. I'm just so overwhelmed and even more so with the holidays here


      • #4
        Originally posted by LadyInTheRed View Post
        If it is received in the 6 months before the month in which you file, it will be included as income on your means test. So, if you receive it in December and file in December, it won't be included. If you receive it in December and file in January it will be included on your means test.

        If it is going to make a difference to your filing, why not take your vacation time instead of the cash?
        Like Lady states, if the amount of pay you will receive from cashing out vacation time will results in putting you over the median income, then you are best off either getting filed right away (this month) so it won't be included in your 6 month average income, or you will need to wait until it won't be included in the calculation (July).

        The $1000 would show an increase of $2000 in your income calculation ($1000 / 6 = $166.66 * 12 = $2000). If your calculated income, based on the last 6 months, is less than $2000 below the median, the extra $2000 for the year would put you over the median.

        Even if this puts you above the median income, you still can qualify for Chapter 7 but you'll have to show enough expenses to pass the means test.

        Talk with your attorney about this further so you can get their advice on the impact this extra income will have and how you should time your filing accordingly.


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