Chapter 7 and tax refund

[mindyandy420]

How does filing chapter 7 in November effect your tax refund next year? My husband & I get arount $5000. Are they going to take this away from me?

[B65]

ours is exempt

for next year, we filed oct 31st. depends on the exemption list you use, we had exemptions left and used it incase we get a tax return.

B

[mindyandy420]

ok call me dumb

Max out exemptions? Is that how may kids you can claim?

[Tbornetun]

No, there are exemption to protect your property in bankruptcy. You will have to exempt your future tax return if you would like to keep it.

[mindyandy420]

oh

I dont have any exemptions.....I have really nothing....does this mean their going to take my return away?

[Tbornetun]

You are not understanding what exemptions are. It is a set amount for specific property that you can "exempt" from becoming part of the bankruptcy estate, meaning you can keep it. If you have a wildcard exemption in your state, you will use that to exempt your tax return so the trustee cannot touch it.

[mindyandy420]

oh

How do i find out about if the state of washington or how much the exemption is?

[mindyandy420]

dont know

I dont know if i was looking up the right thing. I believe for the state of Washington you can only exempt $2000. I dont really understand this. please forgive me for my ignorance.

[soleprop]

you should look into the NOLO Ch7 bankruptcy book; it will clear you up on this and other questions - huuuuge help.

you should be able to turn up your state's exemptions with an internet search. something like "washington state federal exemptions bankruptcy"

oh hey look - first hit gives you a pretty good list.

good luck.

[mindyandy420]

if i'm reading

this correctly I can use both Washington exepmtions and federal together? So for a tax refund?

[Mi Bankruptcy]

I have the same question. My attorney said in the beginning he was going to try to exempt it and it should not be a problem.

I just emailed my attorney this same question. I was reviewing my paperwork and didn't see anything under any of my schedules that my attorney emailed me exempting my 2008 return (received for 2009).

I am looking over my paper work emailed to me then we are supposed to meet to go over the paperwork. Does anyone know what schedule should exempt a tax return? I am under the means and am filing a chapter 7 no asset. BTW..there is no wild card for the state of Michigan

[Tbornetun]

Not together, choose one, but in your case the federal exemptions might be the most beneficial to you. You can have up to $10,000 to exempt your bank accounts and tax return if you don't have any equity in your home.

[mindyandy420]

i too

am under means and plan on filing. I have not met w/my attorney yet. Soon I am getting my and my husbands 6 montsh worth of pay stubs from our jobs. I am planning on using our next tax refund for moving in the summer. That is why it is so important for me to know.

[Tbornetun]

I have the same question. My attorney said in the beginning he was going to try to exempt it and it should not be a problem.

I just emailed my attorney this same question. I was reviewing my paperwork and didn't see anything under any of my schedules that my attorney emailed me exempting my 2008 return (received for 2009).

I am looking over my paper work emailed to me then we are supposed to meet to go over the paperwork. Does anyone know what schedule should exempt a tax return? I am under the means and am filing a chapter 7 no asset. BTW..there is no wild card for the state of Michigan

Schedule C will list your property and how it is exempted. Check there first.

[Tbornetun]

I am in Minnesota and we also have the option to use the federal exemptions. 9 times out of 10, we can exempt ALL of a debtors property with these exemptions. No one around here has any equity in their home anymore so the wildcard is used to exempt all the misc. that is not covered by the other exemptions.