stupid question taxes exemptions

[hopechange]

I understand that you can exempt your refund using your wild card. I just figured mine out and I may receive a few thousand more than that. I am not going to need the car or house exemption. Can the exemptions be combined to cover it?

Say I'm using my 4000 wild card and my 2400 car exemption to cover a 6400 refund?

[JoeBankrupt33]

No, you wouldn't be able to apply a car exemption to cash.

What state are you in?

[jribe]

I understand that you can exempt your refund using your wild card. I just figured mine out and I may receive a few thousand more than that. I am not going to need the car or house exemption. Can the exemptions be combined to cover it?

Say I'm using my 4000 wild card and my 2400 car exemption to cover a 6400 refund?

you can't use your car exemption to cover the refund. it's for cars only. You do have the option to apply a portion of your refund to your next years taxes. That's one option. Option two is to take out some deductions to get yourself under your exemption guidelines, file for BK- then amend your return after everything is settled.

[hopechange]

Good point about the amendment.

I'm in Illinois

I need the refund desparately. I havnt filed yet but need to use the refund to catch up property taxes and utility bills.also need to pay annual car and homeowner insurance premiums. Will that be excused if I get and spend on the above and then file a month later. I don't see any other way out.

Or should I file bk first then file taxes after?

Either way I need to do both by end of feb

[dream08]

Hi HopeChange-

I am also in Illinois (Chicago). From my understanding, the wildcard is only $2000. Where do you see that it is $4000? I have a NOLO book that says $4000 but this was in 2007. When I went online, it looks like they may have lowered it by half.

I too am worried regarding the tax refund. Mines actually is already processed and will be in my account on Friday and it is over theWildcard amount by $1600. I think I am going to wait to file BK (PRO SE) until after I spend the refund. I really need to get my car fixed. My car was stolen and it needs repairs. I

f I spend this my refund amount on my car repairs? Do you think this will be a problem? I would be able to provide the the court with the police report stating it was stolen and any repair receipts.

[Trixie007]

You do have the option to apply a portion of your refund to your next years taxes. That's one option.

Option two is to take out some deductions to get yourself under your exemption guidelines, file for BK- then amend your return after everything is settled.

Option one: the consensus seems to be that the Trustee would not accept this

Option two: bordering on fraud? idk, but I wouldn't want to be caught doing that!

[Trixie007]

I need the refund desparately. I havnt filed yet but need to use the refund to catch up property taxes and utility bills.also need to pay annual car and homeowner insurance premiums. Will that be excused if I get and spend on the above and then file a month later. I don't see any other way out.

Or should I file bk first then file taxes after?

Either way I need to do both by end of feb

Is there an urgent need to file BK by the end of Feb? I would think your best bet would be to file your taxes, spend the return on reasonable and necessary expenses, then file BK.