top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Business Expense Reimburements- Will Trustee want them?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Business Expense Reimburements- Will Trustee want them?

    We thought we were filing today and had a hiccup and are scrambling to file next week. The problem is that my husband gets paid on Monday and we were planning on using part of this paycheck to pay for his travel for a trip he needs to go on for work. So, we're expecting to pay around $900 for airfare and hotel. My husband's employer usually refunds him the cost of travel a couple months down the road. Will the trustee look at this expense as something we are being reimbursed for and therefore we really have money on the date of filing because we know that money will be refunded to us?

    Does that make sense? I tried to ask our attorney, but I don't think he really understood my concern. He just kept saying it's not income and doesn't affect my budget. I'm not worried about my budget. I'm worried the trustee will say it's money owed to us at the time of filing and therefore the trustees.
    12/2/09- Filed non-consumer Chp. 7
    1/11/10- 341 Hearing
    1/21/10- Confirmed No Asset
    3/12/10- Discharge date

    #2
    This is a good question. You will probably need to disclose it because it may raise a red flag (taking a trip and filing BK). Is there a way you can fit these funds into an exemption so the trustee can't take them when you receive the money from the ER? Can you fit this into a wildcard exemption?

    Comment


      #3
      I wish we had Wildcard exemptions in my state, but we don't. I'm kind of nervous about my attorney. We chose him because he's a trustee in the same county as well and thought if anyone knew how to prepare us, it would be him. But he doesn't seem to be sifting through everything like I would expect to make sure there's nothing that will turn us into an asset case.

      Do you know what the rule is if you have lent someone money and are owed the money when you file bankruptcy. Is that something the court takes over? I would think this would be considered lending money to his employer. The reality is that when the money comes in, it just gets spent again on another trip. We used to have all this stuff on credit cards, and paid them off when we got reimbursed. But now we can't use credit cards and are having to shoulder the burden with our own cash, so it will really stink if the trustee wants the money and then we have to come up with money to pay for another trip!!
      12/2/09- Filed non-consumer Chp. 7
      1/11/10- 341 Hearing
      1/21/10- Confirmed No Asset
      3/12/10- Discharge date

      Comment


        #4
        Originally posted by jjsmith View Post
        Do you know what the rule is if you have lent someone money and are owed the money when you file bankruptcy.
        You will most likely be asked if anyone owes you money. If you have a history of fronting the money and repayment from the employer, then it could be up for grabs.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......

        Comment


          #5
          We do have a history of being reimbursed. The reimbursements are on my husband's paychecks. The attorney said these reimbursement aren't income, so they're not included in our budget. But I'm afraid these outstanding "loans" will be called due by the trustee. We have one trip outstanding and have another 2 coming up this month and are trying to figure out if we should risk spending our last money before we file next week on my husband's business trips.
          12/2/09- Filed non-consumer Chp. 7
          1/11/10- 341 Hearing
          1/21/10- Confirmed No Asset
          3/12/10- Discharge date

          Comment


            #6
            I work from home and my company pays my phone and Cable bill, by way of reimbursing me when I submit the expense.

            I also have a corp credit card that I get the bill, send it to them and they pay the credit card company (not me) . I do have to submit the bill to them as the address on the bill is to me. I travel at least once per mth.

            My attorney checked and it does not show up on my credit (I've had and used the card since March).

            My attorney said I did not have to list the card, since I don't pay the bill they do it would not be an issue, and he told me I could continue to use it for business purposes. I just have to trust he knows what he is talking about.

            Comment

            bottom Ad Widget

            Collapse
            Working...
            X