tax returns

[aachudneymiles]

[QUOTE=aachudneymiles;119826]ok just spoke with a lawyer, in my state there is a exemption for 10000 plus ... and can be used on tax refund,,, so my plan and guys if it sound like a mistake please tell me.. I am going to file without including my refund as exemption... I will wait until the 341 and if trustee says a peap about tax refund I will amed my bk and add in expemtion. Easy as pie. oh yeah and I will be praying trustee lets me pass go and collect my 6 grand.. thanks everyone[/QU
now lawyer says

Based on your questions, let me just remind you that you need to timely file a homestead deed with the clerk of your local circuit court in order to claim the 34-4 exemption. Best practice is to list the values of each asset being exempted on the homestead deed as $1.00. Once you claim the assets as exempt with a $1 value, you can always amend the homestead deed to increase the values, but after the deadline (5 days after the 341 meeting) you cannot add assets that you want to claim as exempt. If you don't know the value of your 2007 tax refund (and how could you at this point?), schedule it as unknown, and exempt it on the homestead deed at $1.00. If the trustee insists, you can then increase the claimed amount. Do that separately for your federal and state refunds

[JollyGG]

jolly what state are you in and what exemption did you use?

I'm in SD. We have a kinda different exemption system here. Basically our homestead is 100% exempt, Wedding jewlery is 100% exempt, clothing is exempt. Everything else has to fit under a 10,000 (per family, 6000 if filing singly) wildecard. So we had to fit all of our belongings, our cars and our camper under that 10k. We also had to exempt earned but unpaid income (seperate exemption covers 75%) and what we could of the tax return. We were able to cover everything but a couple hundread dollars with it.

We filed with a lawyer and he told us in our initial consultation that we would probably loose our tax return. So we were actually happy to keep as much of it as we were able to.

[tish]

I am filing in ms anyone know if we get to keep our refund.

[aachudneymiles]

I'm in SD. We have a kinda different exemption system here. Basically our homestead is 100% exempt, Wedding jewlery is 100% exempt, clothing is exempt. Everything else has to fit under a 10,000 (per family, 6000 if filing singly) wildecard. So we had to fit all of our belongings, our cars and our camper under that 10k. We also had to exempt earned but unpaid income (seperate exemption covers 75%) and what we could of the tax return. We were able to cover everything but a couple hundread dollars with it.

We filed with a lawyer and he told us in our initial consultation that we would probably loose our tax return. So we were actually happy to keep as much of it as we were able to.

Great thnx yeah we have a homestead exemption that can be used as a $11000 wildcard. We dont have alot of stuff like a car or anything. I have to enter clothes (wedding rings are exempt) computer you know basic stuff and then the tax refund and 1200 depsoit from the home I am renting..so wish me luck ..

Tish you have to look up exemptions in your state and see if you can fit all your belongings and your tax fund under thoses exemptions.. \\\

Thnx guys

[lrprn]

Now to the wild card I am in VA Eastern -I have a willd card here in eastern VA I am a renter and was very confused by the wild card it said something like 10000 unused portion of homestead or personal property exemption

In VA the homestead exemption states "$5000 plus $500 per dependent; may also claim rents & profits; sale proceeds exempt to $5000 (husband and wife may double), Cheeseman v. Nachman, 656 F. 2d 60 (4th Cir. 1981); unused portion of homestead may be applied to any personal property" - http://www.virginia-bankruptcy.com/exemptions.html

Since you rent and are married with two kids, you can protect up to $11,000 - more than enough to cover your tax refund.

Hope this helps!

[aachudneymiles]

In VA the homestead exemption states "$5000 plus $500 per dependent; may also claim rents & profits; sale proceeds exempt to $5000 (husband and wife may double), Cheeseman v. Nachman, 656 F. 2d 60 (4th Cir. 1981); unused portion of homestead may be applied to any personal property" - http://www.virginia-bankruptcy.com/exemptions.html

Since you rent and are married with two kids, you can protect up to $11,000 - more than enough to cover your tax refund.

Hope this helps!

Thnx guys ... yeah it helps.. thanks for the link .. now I have to find out how to do the homestead deed, I will make another thread .. ty