Income tax refund and chapter 13
I live in Southern California. I am receiving around $5,000 for a tax refund. If we file Chapter 13 are we allowed to keep any of the Tax refund?
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it depends on your trustee.each one of them are different.I live in northeast TN my trustee takes anything over $1500 and she adds that to her plan.the packet of info you trustee gave to you might have this info,if not contact your attorney. -
Most likely, just buy things that are exempt.Comment
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Depends on which exemption scheme you use. CA has 2 exemptions options. Exemption scheme 2 is essentially a $20,000 wild card exemption (exemption scheme 1 protects homeowners with equity). Thus, is CA, you can exempt the tax refund under scheme 2. The other option is to spend it on necessary items prior to filing.Comment
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What sort of things are exempt?Comment
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