Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
I am filing a chapter 7 bankruptcy in the state of Missouri and am unsure if I am to claim my wages and accrued vacation time. I have no garnishments or judgements. If I am supposed to claim my wages and my accrued vacation time at work I need assistance in figuring out how to create the amount to exempt for both wages and vacation time accrued
Response: You do not claim your wages because your wages are not assets, they are income. Thus, your wages would not be listed under Schedule B, but must be listed on Schedule I--Income.
Your accrued vacation time is an asset. So, the value must be listed on Schedule B, and then exempted under Schedule C. The value would be calculated by multiplying the hours accrued by your hourly rate.