How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2539
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

So lets say I file today. My husband receives the check that

Resolved Question:

So let's say I file today. My husband receives the check that he billed for his hours worked (he's not incorporated and doesn't have an LLC) a couple of weeks after we already filed. How do we include this check? As income? Do we state in the petition when we first filed that it's to be included in accounts receivables? Thanks
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

If this is a joint filing, you would list all accounts receivable on schedule B. and use any exemptions that you may have on schedule C.

Terry L. :

This is an asset.

Terry L. :

Unless it is a large sum, it likely won't be much of an issue. The snapshot is taken as of the date of filing, so this would be A/R, money expected, which is an asset of the bankruptcy estate, unless it can be protected with an exemption.

Customer:

So if we already know ahead of time that he will be getting this money, but he hasn't received it on the day we filed, we should go ahead and list it on schedule B? It's for around $16K.

Customer:

So, when you say exemption, do you know what it would be for Colorado? Thanks

Terry L. :

yes, you would list it as accounts receivable, on line 21 of schedule B.

Terry L. :

Let me look at CO exemptions. 1moment

Terry L. :

This is the closest you would have:

Terry L. :








WAGES



Minimum 75% of earned but unpaid wages, pension payments



13-54-104



 

Terry L. :

You should talk to a local bankruptcy attorney to advise you on the use of the exemptions. It may be wise to wait until you receive it and spend it down if it is needed for business. Talk to the attorney about the timing of the case.

Terry L. :

Thanks

Customer:

For example, if he receives 9K, one third would go to taxes which would leave about 6K; the trustee would take 25% of 6K which would be $1500? Honestly, we have consulted different lawyers and it seems most do not know what they are saying. Some even went as far to say that we need to include this as regular income for the 6 month period (even though the money hasn't been received!). He doesn't have much business expenses to deduct the money from by the way.

Terry L. :

Unfortunately, we cannot give you advice as to the exemptions in this forum, it is an informational forum only, we can't create an attorney client relationship. Talk to your local attorney to review how to schedule it, they can tell you what the local trustee is likely to do as well.

Terry L. :

Any other questions?

Terry L. :

If you have any other questions, just let me know. thanks and good luck.

Terry L. :

please click the green "Accept" Button so I may get credit. Thank you

Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2539
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 3 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions