Bonuses

[inajam37]

We have our 341 meeting on Thursday. My wife receives quarterly bonuses and our attorney has submitted our plan so that we would give 1/2 of each bonus to the trustee (along with our monthly payment) and the remainder would be ours to keep. Is anyone else in a similar situation? I'm just not sure how this will work since we're supposed to be turning over all disposable income. We are only filing on cc debt. Our mortgage and cars are current. I appreciate any info. Thanks.

[lrprn]

Everything depends on whether your trustee will go for this arrangement. Your lawyer must think it will fly or he/she wouldn't have proposed it. Does your wife have some kind of set up where the part of the bonus is considered her base salary?

Worst case scenario - the trustee will object and likely go after the whole bonus. Hope for your sake that doesn't happen - my fingers and toes are crossed for you!

[inajam37]

The bonuses were figured into the income for the last 6 months. Not sure if that was what you were asking or not. It was all figured in for the means test. Here's hoping that it will all work out. Any thing we should expect at the meeting on Thursday? Also, any idea how long it takes to get a 13 confirmed???

[lrprn]

Any thing we should expect at the meeting on Thursday?

Do a search here in the forums for "341". There's a ton of information and shared experiences to read about. Bottom line - 99% of people who file are in and out of their 341 in 5 minutes and can't figure out what they were so worried about! Just answer the questions you are asked by the trustee truthfully, but answer just what you are asked and as briefly as possible. The 341 is not the time to be chatty or give long, detailed explanations.

Also, any idea how long it takes to get a 13 confirmed???

Anywhere from right after the 341 meeting in some courts to more than a year later if there are objections. The large majority of Ch 13 cases are confirmed at the Ch 13 confirmation hearing about 3-4 weeks after your 341 meeting.