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Questions about Bankruptcy and Wages

Bankruptcy can have a large effect on a person’s finances and financial future. An individual needs to make sure he/she knows how bankruptcy may affect his finances, assets and various sources of income before he/she files for bankruptcy. Not knowing how bankruptcy may affect an individual’s wages can lead to the individual making hasty decisions about filing for a bankruptcy. Given below are popular questions about bankruptcy and wages asked by individuals.

For How Long Should an Individual Have to Work to Show Employment/Wages Before He/She Files for Bankruptcy?

There may be no time limit for an individual to be getting a salary before he/she can file for bankruptcy.

Would Unpaid Wages be Considered as Secured Debt in a Bankruptcy?

Unpaid wages may not be considered secured debt in a bankruptcy case even if the employee has a written contract guarantying him/her the salary. It may however, be given a priority status.

If a Company Files for Chapter 11 Bankruptcy, would a Judge Pay the Salaries of the Employees Before or After the Bankruptcy Filing Date?

The pre and post bankruptcy petition salaries may be handled differently by the bankruptcy court when a company files for Chapter 11 Bankruptcy. The salaries to be paid after the bankruptcy petition is filed may be given priority and paid before any claims for wages that were to be paid before the bankruptcy petition was filed. The pre petition salaries may also be considered to be priority claims but may be paid after the post bankruptcy petition salaries are paid off to the employees.

Where should an Individual Mention Accrued Wages on a Schedule B of a Bankruptcy Petition?

When filing for bankruptcy an individual may mention accrued and unpaid wages under point 18 of Schedule B under “other liquidated debts owed to debtor including tax refunds”

Can the Wages of the Head of a Household be Garnished for Debt Collection?

Wage garnishment rules may differ from state to state in the US. In some states like Florida, the wages of the head of the household may be exempt from any creditor claims. However, if the wages of the head of the household is above $500 a week, then they may be garnished for debt collection if the debtor agrees to it in writing.

Can an Individual be Forced to Work Without Wages if a Company Files for Chapter 11 Bankruptcy?

An individual may not be forced to work without wages if his/her company files for a chapter 11 bankruptcy. Asking an individual to work without wages may be considered an involuntary servitude.

Can an Individual File for a Chapter 7 Bankruptcy if his/her Wages are more than the Salary Requirements for a Chapter 7 Bankruptcy?

An individual may not be able to file for Chapter 7 Bankruptcy if his/her wages are more than the salary requirements for a chapter 7. There may be no exceptions to this rule. However, the individual may file for a Chapter 13 Bankruptcy and work out a repayment plan.

Would an Increased Income affect an Individual’s Projected Disposable Income in a Chapter 13 Bankruptcy?

According to the bankruptcy code, when an individual files for a Chapter 13 Bankruptcy, he/she may have to contribute the projected disposable income to the bankruptcy plan for the first 36 months of the plan. However, if the individual’s income changes during the first three months of the payment plan, he/she may not have to make changes to the disposable income. After the first three years of the repayment plan, the individual may not have to contribute any disposable income to the plan according to the bankruptcy code. If there is an increase in the individual’s expenses along with the change in salary, the bankruptcy trustee may not make any changes to the individual’s disposable income or the repayment plan.

Reading up about the effects of bankruptcy on wages will help individuals understand if filing for bankruptcy will affect all of their wages or not. Having more information about bankruptcy and wages can help individuals know where they stand and what steps they may need to take if their company files for a bankruptcy. If you are not sure of the impact of either your or your employer’s bankruptcy on your income, it’s always advisable to ask an Expert.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Wages Questions

  • Hello... my LLC and I have a court date next week, and I 've

    Hello... my LLC and I have a court date next week, and I 've done all of the classes etc... required to file for bankruptcy... I am concerned about the procedure and what should I expect at the hearing. Will the judge speak to me, or lecture me,etc...what is the routine?
  • I am considering filing bankruptcy but I don't know if I qualify.

    I am considering filing bankruptcy but I don't know if I qualify. I have a nonprofit foundation that I put my money into; I just held an event that recouped very little. All my credit cards have been used to pay for the event I held; I also have taken a loan and done a debt consolidation, all done in attempting to get my foundation through its first year of events. So the nonprofit and me are tied together. The two bank accounts show transfers back and forth
    In order to file bankruptcy, don't I need to stop the consolidation so that one creditor is not favored over another? No account has been settled yet, but I have a tentative settlement and in order to pay it, I have to put more money into the consolidation account. I know I have to stop paying the loan, again, so my creditors are treated equally.
    The only asset I have left is some stock totaling a few thousand dollars. I still have expenses from my last event that I need to pay, but my understanding is that I can't sell the stock because that's fraud, even if I use it to pay expenses on my business. Is it just all too difficult to process? The nonprofit isn't worth anything at this point so I was told it won't affect me filing, and I was also told I qualify to file. But I'm nervous about all of this.
  • can the state of florida garnish wages or put lien of car,

    can the state of florida garnish wages or put lien of car, bank account for a credit card debt?
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