- 11 U.S.C.
In re Petitt
Apr
14
2009
Ruling
Severance bonus was property of the estate and not exempt.
Procedural posture
The chapter 7 trustee sought an order requiring debtors, a married couple, to turn over the proceeds of a check paid to the husband under a plant closure agreement affecting his employment pursuant to which he promised to provide services until the plant actually closed in exchange for a bonus. At issue was whether the bonus was estate property per 11 U.S.C.S. § 541 or exempt per 11 U.S.C.S. § 522(b)(2) and Ind. Code § 24-4.5-5-105.
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Court
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