top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Yeah, Im screwed...

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Yeah, Im screwed...

    Original message sent to trustee:

    Hello, I had my 341 meeting with you yesterday and you requested a copy of my 2006 tax return. You also said that based on the date I thought I filed it would be non exempt property. After reviewing the actual date, I filed prior to filing for the bankruptcy, so I am hoping this is will help since I had spent the money catching up on past due utilities that are critical due to my 8 month old son being on a monitor for central apnea, and my 2 1/2 yr old is diabetic, and we cant be without these necessities.

    I have attached a copy of my return and highlighted the IRS accept date, which was 1/13/07, and it was filed 1/12/07. Please let me know if there is anything else needed of me. Thanks again,


    the reply:

    Thank you for the information. Your tax return was filed on January 13, 2007, but you indicate that it was submitted on January 12, 2007.

    The tax refund is property of the estate of the estate if it was not received before you filed your petition. The petition date is January 18, 2007. If it was received prior to that date, then any amount still in the bank (whether checks were written before that date or not) is property of the estate.

    The amount of the refund is $3,914, and no portion of the refund is for Earned Income Credit. You have $155 in unused exemptions, which you may use to that extent to claim an exemption in the refund. The amount that must be turned over is $3,759.00. You may propose periodic monthly payments over a reasonable period of time.

    Please advise how you wish to resolve this.



    Ok, so do I stab myself in the neck now, or can I add the trustee as a creditor?? jk..

    by the way, I did it pro se, and everyone else at the meeting who had an attorney were screwed up worse than I was, this was my only issue... anyway to get out of this?? I had 3 dependants and he says none of it was for earned income credit??

    #2
    You may propose periodic monthly payments over a reasonable period of time.

    Did trustee mean he can accept a payment plan for IRS refund?

    Comment


      #3
      well thats what he wants, but I dont know what to say. Since filing I had left my job and I also spent the cash in hand I put down as an exemption. Can I go back and make these adjustments to protect this or will it raise too many flags?? I just dont have it to pay back, I used it to pay utility bills that were about to be shut off and I have to move and put a deposit on a new place and dont have any income besides a new job that is commision only and under the table.. What should I do??

      Comment


        #4
        well thats what he wants, but I dont know what to say. Since filing I had left my job and I also spent the cash in hand I put down as an exemption. Can I go back and make these adjustments to protect this or will it raise too many flags?? I just dont have it to pay back, I used it to pay utility bills that were about to be shut off and I have to move and put a deposit on a new place and dont have any income besides a new job that is commision only and under the table.. What should I do??

        I think the Trustee wants the money, you can show him receipts etc but in the end if you don't pay, he could and would dismiss your case? At least you can pay back in monthly installments? THAT really sucks man, sorry you have to deal with this. I got discharged but the Trustee is looking for assets, it certainly wont be a tax refund since I'll be owing $4000 to the IRS!

        THAT WAS FUNNY your little joke early about claiming the Trustee as a creditor!

        GOOD LUCK, Catchmeifyoucan
        July 2006: Filed Ch13 :blink:
        Oct 2006: Converted to Ch7 :clapping:
        Jan 2007: DISCHARGED :clapping:
        Nov 2007: CLOSED :yahoo::yahoo::yahoo:

        Comment


          #5
          Hard to feel sorry for you. SF tried to warn you.

          Comment


            #6
            If your refund came AFTER the day you filed BK,........... Then the Trustee wants MONEY.

            Pure and simple. That's it.

            You can offer to pay in payments, but about all you'll get time wise is a year. So figure on $300/mo, or so, payments to the Trustee.
            Filed Ch 7 - 09/06
            Discharged - 12/2006
            Officially Declared No Asset - 03/2007
            Closed - 04/2007

            I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

            Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

            Comment


              #7
              Thanks keepmine, what I did to try to avoid this was file without w2's and use ytd on my last paystubs... and I filed the taxes prior to filing for the bk based on everyones advice, but I couldnt wait to file since my house was about to be auctioned. Honestly Ive been in a numb haze for the last few months trying not to let all the crap stop me from moving forward and into a better situation. My daughter was diagnosed with type 1 diabetes and at 2 1/2 she been so strong with having to get multiple shots everyday and has to have her suger checked all the time, I cant really complain about small things like this, Im just trying to figure out the best way to come out of all this.

              So, I guess changing things at this point would not be a good idea?

              Comment


                #8
                I really believe you need a reality check. What on earth do you think you can change?
                The goal of a bk is to come out the other side in better shape than before you filed. You have 2 small children with medical issues and you take a commissioln only job with no benefits and no withholding?
                The way out this is, get a real job where you can establish a budget and support your family and make reasonable payment arrangments to the trustee.

                Comment


                  #9
                  For clarification, is this correct?

                  Had avega waited to file BK until after he had received his refund and had spent it on acceptable expenses, then it would not have been required to be turned over to the trustee? Even though he may have spent it on acceptable expenses, the issue is that since he received the money after he filed and did not have exemptions remaining to cover it, it needs to be turned over. Correct?

                  We will be filing our 2006 return at the beginning of next week. We won't be filing BK until after we receive our refund - likely filing at end of March or maybe even into early April now.

                  We planned on using the refund to pay our overdue property taxes and the rest to pay the BK attorney fees.

                  Will this be okay?

                  Thanks,
                  reallynervous

                  Comment


                    #10
                    Pretty much, Really.

                    The day you file sets the BK Estate. If you file Taxes, get your refund, and spend it before filing BK, your Income Tax refund is not a part of the BK Estate. If you file your taxes, file BK, then get your refund, the refund becomes a cash asset of the BK Estate.

                    If you have allowable Exemptions to cover the refund, you have nothing to worry about. If you don't have enough Exemptions, any portion or all of the refund becomes an unprotected cash asset of the BK Estate. Subject to be seized by the Trustee.
                    Filed Ch 7 - 09/06
                    Discharged - 12/2006
                    Officially Declared No Asset - 03/2007
                    Closed - 04/2007

                    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                    Comment


                      #11
                      Thanks Sinking!

                      Does the refund count as income for either the means test or the Schedule I?

                      Thanks!
                      reallynervous

                      Comment


                        #12
                        For means test purposes, they ask for gross income. The refund has no affect on that.

                        Comment


                          #13
                          funny how it's called a "refund". It's your money and the gunmint has it on year long making money off of it, interest. That's one reason why I only got like 200$ back this year. I make sure to claim my deduction on my w4 properly. Last year with my bk 7, i owed the irs like 3,000 total, mainly because of a divorce and ex making money on her second job, and we filed joint/married and none of her income was taxed but combined, it was. if you would have deducted properly all year, taking more home monthly instead of not deducting and waiting for a lump sum, this would not have been an issue, them getting your refund...

                          just my opinion.....

                          Comment


                            #14
                            Yes, If I had waited to file for the bk until I had recieved my refund I would have been fine, but unfortunately I didnt have a choice.

                            By the way keepmine, just to let you know, I am in the mortgage business and was in the six figure club until last year when the industry took a hit, and has issues beyond control.... What is your idea of a "real job"? Im pretty curious. The "fake" job I took has more benefits, potential for growth, and spends $75K/month in leads versus $0 with my previous job that had a $2K/month salary +commission. I was with a company for the last 6 months making a salary for the fear of going to a commission only position, and suffered for it. I am know at a place where I know I will start making what I was used to and obviously we have learned to live below our means.
                            The one thing I will not show my children to do is to give up. I have been through alot and have accomplished alot at my young age. I have been through more adversity than most people, but will not show my children to settle for less just to be confortable. If you dont progress you move backwards, and I will not take a mediocre job and not use the talents I have been gifted with. I grew up in less than desirable circumstances , and will not settle for mediocrity when my children deserve more.. the situation we are in now is a temporary hurdle/learning experience, not a lifestyle.

                            The reason I came here was for a suggestion or solution to a problem, not for someone who has no clue to pass judgement without knowing facts. Maybe you need a reality check and ask yourself who the F#%@ am I to post my ignorant opinions and not offer any help. You dont know me, you dont know my situation, so, please, if you dont have anything to add that will help, go talk sh&* somewhere else...

                            Comment


                              #15
                              You are the one who can't pay your utility bills, not me.
                              You are the one whose discharge is in jeopardy because you can't even make payment arrangements to a trustee. That new gig seems to be working out just fine.
                              As for any help, you are beyond help unless you surrender the tax refund.

                              Comment

                              bottom Ad Widget

                              Collapse
                              Working...
                              X