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    New day, new problem! Husband was offered old job back...

    Last night my husband was offered a job at his former company. He left there in February for greener pastures that haven't necessarily turned out to be so green. The offer is a good one, nearly the same salary, they want to groom him to replace the Controller when their current Controller retires in a few years, etc. The issue is that they're offering him a one-time sign-on bonus of $7500. We'd get this check right after we file.

    What happens to that money? We can certainly use it, to pay our property and real estate taxes, among other things, which we'd more than likely pay before we're ever confirmed. Will the trustee take it? I've put in this question to my attorney but haven't heard back yet.

    **Edited to add: With the new job his monthly paycheck will actually be less, but the sign-on bonus makes the annual salary $2000 a year MORE than what he is currently making. (If that makes sense) This bonus is not guaranteed every year, or the amount for that matter, but when he worked there previously he was always given a bonus of some kind. Some years it was very good, other years it was not as good. Again, no guarantee of a bonus at all, but more than likely yes, he'll get something each year.

    Before you ask why he'd take a job for slightly less money (it's really a nominal amount less), it's because of the guarantee for the advancement. After he left 9 months ago the company has been pursuing him to get him to come back, and are making huge allowances to get him to do so. Lots of good stuff, including advancement.
    Last edited by cspa522; 11-10-2010, 08:55 AM.
    Filed: 11/10; 341: 1/11; Confirmed: 2/11
    49 payments down, 11 to go...

    #2
    Well, as far as getting the check right after you file, I am not sure what your district rules are for bank statements, but we had to furnish the trustee with bank statements and paystubs for the month of filing. That would most likely include this sign-on bonus. Will it put you over the median? I would imagine that would be something to worry about potentially. I would talk to your attorney about this definitely.
    Filed Chapter 7 October 5, 2010 -341 held Nov. 8, 2010- Report of No Distribution Nov. 12th, 2010- Discharged 1-10-2011 Closed 1-28-2011

    Comment


      #3
      Originally posted by tyson24 View Post
      Well, as far as getting the check right after you file, I am not sure what your district rules are for bank statements, but we had to furnish the trustee with bank statements and paystubs for the month of filing. That would most likely include this sign-on bonus. Will it put you over the median? I would imagine that would be something to worry about potentially. I would talk to your attorney about this definitely.
      We're already over the median, and it doesn't really change our annual income anyway. It just comes in the form of paychecks and a bonus instead of just paychecks. His normal salary now is about $67k. The new salary will be $62-$65k with this sign-on bonus of $7500. (are there ANY secrets on this forum...I'm thinking not!)

      My attorney emailed me as I was typing this and said one-time payouts like that aren't normally a problem, and she'll contact the trustee to make sure they don't want her to file a motion for us to keep it, but she said even then it shouldn't be an issue. YAY!!!!! Early Christmas present for us!!!
      Filed: 11/10; 341: 1/11; Confirmed: 2/11
      49 payments down, 11 to go...

      Comment


        #4
        It's amazing how bankruptcy changes how we look at things. On what other kind of forum would somebody post about the "problem" of her husband having his former employer actively pursing him to come back and be groomed for a promotion and get a signing bonus? The same kind of forum where people hope that their home appraisal comes in low so that they have little or no equity, or that their home has lost so much value that they can strip the 2nd. I can't decide if it's funny or sad.

        cspa522, my comment is not meant to minimize your very valid concern. I'm glad that your attorney doesn't think the bonus will be a problem. Contratulations!
        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!

        Comment


          #5
          That is excellent news. After I wrote that, I was thinking means test? They will already have filed.
          Filed Chapter 7 October 5, 2010 -341 held Nov. 8, 2010- Report of No Distribution Nov. 12th, 2010- Discharged 1-10-2011 Closed 1-28-2011

          Comment


            #6
            Originally posted by cspa522 View Post
            We're already over the median, and it doesn't really change our annual income anyway. It just comes in the form of paychecks and a bonus instead of just paychecks. His normal salary now is about $67k. The new salary will be $62-$65k with this sign-on bonus of $7500. (are there ANY secrets on this forum...I'm thinking not!)

            My attorney emailed me as I was typing this and said one-time payouts like that aren't normally a problem, and she'll contact the trustee to make sure they don't want her to file a motion for us to keep it, but she said even then it shouldn't be an issue. YAY!!!!! Early Christmas present for us!!!
            x2 on the congrats...Nice gift there.

            Originally posted by LadyInTheRed View Post
            It's amazing how bankruptcy changes how we look at things. On what other kind of forum would somebody post about the "problem" of her husband having his former employer actively pursing him to come back and be groomed for a promotion and get a signing bonus? The same kind of forum where people hope that their home appraisal comes in low so that they have little or no equity, or that their home has lost so much value that they can strip the 2nd. I can't decide if it's funny or sad.

            cspa522, my comment is not meant to minimize your very valid concern. I'm glad that your attorney doesn't think the bonus will be a problem. Contratulations!
            Interesting post. It is a distorted perspective and think its both funny and sad. More sad though...
            The other thing is people unhappy with interest rates. Have they ever been lower?

            Comment


              #7
              Originally posted by LadyInTheRed View Post
              It's amazing how bankruptcy changes how we look at things. On what other kind of forum would somebody post about the "problem" of her husband having his former employer actively pursing him to come back and be groomed for a promotion and get a signing bonus? The same kind of forum where people hope that their home appraisal comes in low so that they have little or no equity, or that their home has lost so much value that they can strip the 2nd. I can't decide if it's funny or sad.

              cspa522, my comment is not meant to minimize your very valid concern. I'm glad that your attorney doesn't think the bonus will be a problem. Contratulations!
              HA! Isn't it though!? Nowhere else would I be so candid about our idiocy concerning our money, what our salaries are, how much debt we have, etc. And yes! I sincerely hope our home value is so low now that we can strip our 2nd! When else in my life would I WANT that?!

              Which just makes me so glad that we can come here to vent and ask questions and get reassurance. I love this place.
              Filed: 11/10; 341: 1/11; Confirmed: 2/11
              49 payments down, 11 to go...

              Comment


                #8
                I strongly suggest you save that bonus as your starter emergency fund.
                Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
                0% payback to unsecured creditors, 56 payments down, 4 to go....

                Comment


                  #9
                  Originally posted by momofthree View Post
                  I strongly suggest you save that bonus as your starter emergency fund.
                  Aside from the property taxes and real estate taxes (we don't have them included in our mortgage, sadly enough), that's exactly what it's going towards! I'm so happy we'll start out with a good emergency fund. Makes me feel a lot more secure.
                  Filed: 11/10; 341: 1/11; Confirmed: 2/11
                  49 payments down, 11 to go...

                  Comment

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