Tax returns for Chapter 7

[CATCHMEIFYOUCAN]

I'm curious if my Trustee will require to see my tax return for 2007? I have a new 341 meeting, since I changed my case from 13 to a 7 several weeks ago? I'm getting nervous folks! My meeting will be this Thursday, I know the 341's should be no big deal. My last one wasn't really a big deal except the Trustee didn't like my plan and the BK judge didn't want to decide for or against congress and the new law. So I decided to quit one job and go for the 7 (no asset case - filing for about 65k in unsecured debt). I hadn't heard of any creditors objecting while I was in the process of Ch13 (Gambler at that!).

I'm also concerned about this one creditor (an overdraft from Chevy Chase) that I listed on the schedules, not only keeps sending me bank statements but has added interest to the overdraft (I have yet to hear from my lawyer if this is violating the automatic stay!?)

Any input is greatly appreciated as always, Catchmeifyoucan

[lrprn]

See my answers below with your questions:

I'm curious if my Trustee will require to see my tax return for 2007?

Since the filing date for 2007 is within your six months after filing Ch 7, I'm thinking it's pretty likely. Good question to ask your lawyer who knows the customs of your local bk court.

I'm also concerned about this one creditor (an overdraft from Chevy Chase) that I listed on the schedules, not only keeps sending me bank statements but has added interest to the overdraft (I have yet to hear from my lawyer if this is violating the automatic stay!?)

The bank can send you informational account statements as long as they don't request payment for any debts owed. About the interest - are you saying that the interest added on is from after you filed? If yes, does your original overdraft agreement with the bank have any provisions about what they can do and not do if you declare bankruptcy?

Any input is greatly appreciated as always, Catchmeifyoucan

[CATCHMEIFYOUCAN]

I'm curious if my Trustee will require to see my tax return for 2007?

Since the filing date for 2007 is within your six months after filing Ch 7, I'm thinking it's pretty likely. Good question to ask your lawyer who knows the customs of your local bk court.

hmmm .. i was hoping to get discharged after 60 days if no objections!??? 2007 taxes wouldn't be filed until april??? i guess they have the right to wait that long to see if i come into any assets? highly doubtful unless i hit a windfall of money. guess i'll find out tomorrow at the meeting

thanks, catchmeifyoucan

as far as that overdraft, i dont know, but if its listed on the Bk, i would think they are violating the automatic stay

[HHM]

Let's clarify our terminology here...

2007 Taxes, stricly relates to the taxes you pay in 2007 (your tax return for 2007 taxes would be due in April 2008).

Thus, I presume you are talking about 2006 taxes, where your tax return for 2006 taxes would be due in April 2007.

I don't think you will have anything to worry about it...even if they want to see your 2006 taxes (and they will), it doesn't interfere with your discharge, you will still receive your discharge on time (baring any sort of objection for other reasons), but your case won't close.

On a side note, you DO NOT CARE about your case closing, you only care about Discharge. Once discharge occurs, you are free to live your life as normal (except for a few minor caveats regarding windfalls, but that is for only 6 months after discharge). Generally, anything that happens between discharge and closing is behind the scenes, its the trustee administering your case, i.e. getting proof of claims from creditors, distributing assets if any, etc. In most cases, about the only think you need to do will be supply a tax return to the Trustee.

[CATCHMEIFYOUCAN]

I meant ...

Thus, I presume you are talking about 2006 taxes, where your tax return for 2006 taxes would be due in April 2007.

Heh, heh, my bad I meant 2006 (after the year ends) which is very shortly. The 341 meeting is over from last week and the Trustee didn't ask for anything extra ! 60 day waiting game !

Catchmeifyoucan

[confusedinVA]

Yah, congratulations!! It will be here before you know it.