Question about 2008 taxes

[debter08]

Sorry to sound dumb but, I am not sure what you mean about surrendering. Do I surrender my clothes or childrens toys? What would they do with it? What if you don't have anything to surrender?
We do not own any property. We bought a dresser and a new TV because ours old one broke over a year ago but those are paid for. The TV was like $400 dollars. The dresser was like $500.00

[deafbroke]

Sorry to sound dumb but, I am not sure what you mean about surrendering. Do I surrender my clothes or childrens toys? What would they do with it? What if you don't have anything to surrender?
We do not own any property. We bought a dresser and a new TV because ours old one broke over a year ago but those are paid for. The TV was like $400 dollars. The dresser was like $500.00

Do you own a home or rent? Surrendering means you give up something for the trustee to sell and pay the creditors with. If you "surrender" a car worth 2000 dollars the trustee will sell it and give the money to creditors.

When you file bankruptcy you will need to list all your assets, such as bank accounts, real estate, personel items etc. You are allowed only so much of an exemption in each catagory. You are also allowed to use a federal wild card exemption. If you don't have much in assets you will have room there or in your wild card exemption to put the federal return refund in it and the trustee can't touch it. Talk to your attorney about it.

DB