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I got a tax return is it considered income?

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    I got a tax return is it considered income?

    I will get enough to hire an attorney thats it > Will it count as income?
    Chapter 7 Filed 10/17/07
    341 mtg. 11/15/07
    Discharged 2/19/08
    Closed on 2/26/08

    #2
    Nope, not income...search for this topic and you'll get the details of why.

    Comment


      #3
      Actually I reserched and didn't find the reason income taxes are not income

      anybody?
      Chapter 7 Filed 10/17/07
      341 mtg. 11/15/07
      Discharged 2/19/08
      Closed on 2/26/08

      Comment


        #4
        I dont think it does because your getting back "income," that you already proved when you filed and turned in you paystubs. Thats cool that you can use you tax refund to the lawyer, I don't see THAT being an issue as how you spend you tax refund. It's funny how the Trustee NEVER ASK how you paid you lawyer but inquiries about "preferrential payments," IF any to any "outsider" or cc company.

        Best Wishes, CMIYC
        July 2006: Filed Ch13 :blink:
        Oct 2006: Converted to Ch7 :clapping:
        Jan 2007: DISCHARGED :clapping:
        Nov 2007: CLOSED :yahoo::yahoo::yahoo:

        Comment


          #5
          Originally posted by stopthebleeding View Post
          anybody?
          Your income tax refund is just giving you back money that you already earned but 'loaned' to the government to use for a year at no interest. The refund amount is already included in your gross income for that year. If the refund counted as income, then your gross income for that year would increase accordingly.

          Your tax refund is not income and doesn't count as income on the Means Test.
          I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

          06/01/06 - Filed Ch 13
          06/28/06 - 341 Meeting
          07/18/06 - Confirmation Hearing - not confirmed, 3 objections
          10/05/06 - Hearing to resolve 2 trustee objections
          01/24/07 - Judge dismisses mortgage company objection
          09/27/07 - Confirmed at last!
          06/10/11 - Trustee confirms all payments made
          08/10/11 - DISCHARGED !

          10/02/11 - CASE CLOSED
          Countdown: 60 months paid, 0 months to go

          Comment


            #6
            A tax return is not income but it is an asset and handled differently by each state/district.
            chap 7 discharge 06/07

            Comment


              #7
              o your right there going by gross income for means test #1 anyway.
              Chapter 7 Filed 10/17/07
              341 mtg. 11/15/07
              Discharged 2/19/08
              Closed on 2/26/08

              Comment

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