Originally posted by backtoschool
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New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!
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Originally posted by LSUTiger32 View PostI have no idea how I missed your earlier post but I did. Yeah it looks as though he is coming after some stuff. I mean it kind of stinks in Louisiana because we have hardly any exemptions at all. Oh well, I will just wait it out and see.You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
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You might want to consider writting a book on BK, I think you would do well! If you follow this idea I will expect a signed copy!!!LOL. Thanks for the play by play of your 341. Best of luck to you and welcome to the 60 day club.Down but not out!! filed c7 august 2011...341 september 2011... Unsecured debt over $100k.....bk attorney $1200.......bkforum.com Priceless!!!!!
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Originally posted by backtoschool View PostIt doesn't mean you won't be discharged in 60 days, it just means you might be an asset case. When did you deposit the money in your kid's college fund and your 401k?
The college fund money I put in there on March 20 of this year, so I guess he will take that. (How can he sleep! )New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!
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Originally posted by LSUTiger32 View PostThe 401K contributions have been throughout the year from my paycheck and from my wife's.
The college fund money I put in there on March 20 of this year, so I guess he will take that. (How can he sleep! )
He will take the college fund.
He is also going to take your tax return.
I think this puts you pretty much in the same boat as me. You are in the 60 day club, but you might have an objection to one of your exemptions.
This will not delay your discharge though.You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
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Originally posted by backtoschool View PostYour 401k is exempt and fine unless you put in more than the amount that can be a pre-tax contribution according to the irs ( around 15,000 a year per person.)
He will take the college fund.
He is also going to take your tax return.
I think this puts you pretty much in the same boat as me. You are in the 60 day club, but you might have an objection to one of your exemptions.
This will not delay your discharge though.
I can't believe money in a kids college fund is not exempt. Then again I should be able to replace it pretty fast. I put $500 in and it is worth $650 now. Can he take the gains also, or just what I put in?
Thanks so much BTS, you are the best!New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!
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Originally posted by LSUTiger32 View PostHe gave me a paper about the tax return and it seemed to me to say that I would still get discharged but that the case wouldn't be closed until after I file and get my 2009 tax refund.
I can't believe money in a kids college fund is not exempt. Then again I should be able to replace it pretty fast. I put $500 in and it is worth $650 now. Can he take the gains also, or just what I put in?
Thanks so much BTS, you are the best!Chapter 13 filer since Feb. 2018 under a 60 months payment plan
Please think positive and do not give up!
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Originally posted by LSUTiger32 View PostHe gave me a paper about the tax return and it seemed to me to say that I would still get discharged but that the case wouldn't be closed until after I file and get my 2009 tax refund.
I can't believe money in a kids college fund is not exempt. Then again I should be able to replace it pretty fast. I put $500 in and it is worth $650 now. Can he take the gains also, or just what I put in?
Thanks so much BTS, you are the best!
Section 541(b)(6), added to the Code in October 2005 (the "BAPCPA" amendments) states that property of the estate does not include:
funds used to purchase a tuition credit or certificate or contributed to an account in accordance with section 529(b)(1)(A) of the Internal Revenue Code of 1986 under a qualified State tuition program (as defined in section 529(b)(1) of such Code) not later than 365 days before the date of the filing of the petition in a case under this title
The key here is that you put the money in this year. Parents were abusing 529 accounts in the past by hiding assets there and then filing bankruptcy, so this piece of the law is an attempt to stop that.
So I would just assume that the whole $650 is gone.You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
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Originally posted by backtoschool View PostHere is the piece of the law that applies to the college fund (which I am assuming is a 529 college fund)
Section 541(b)(6), added to the Code in October 2005 (the "BAPCPA" amendments) states that property of the estate does not include:
funds used to purchase a tuition credit or certificate or contributed to an account in accordance with section 529(b)(1)(A) of the Internal Revenue Code of 1986 under a qualified State tuition program (as defined in section 529(b)(1) of such Code) not later than 365 days before the date of the filing of the petition in a case under this title
The key here is that you put the money in this year. Parents were abusing 529 accounts in the past by hiding assets there and then filing bankruptcy, so this piece of the law is an attempt to stop that.
So I would just assume that the whole $650 is gone.
Once the new year rolls around and we have everything in place, $650 will be chicken scratch in their accounts!
As far as the tax refund is concerned, he is only entitled to 4/12's of it right? I filed 8/17/09. So he is only entitled to a portion of it, correct?New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!
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Originally posted by LSUTiger32 View PostBummer, but that's OK. I won't let it get me down.....it's just going to motivate me to do better by my kids anyway. They deserve more than what I was doing so they can take this $650 and we can start saving some real money for them.
Once the new year rolls around and we have everything in place, $650 will be chicken scratch in their accounts!
As far as the tax refund is concerned, he is only entitled to 4/12's of it right? I filed 8/17/09. So he is only entitled to a portion of it, correct?
Did the trustee give you anything in writing explaining the district's policy on tax returns? In my district they do not automatically take your return, but if the trustee asks for it, they can take the whole thing.You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
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It is totally dependent on your district. We are dealing with guys out here that are trying to push out 250 cases a day! They're going crazy with more on the way!
I would ride it out. Let your attorney handle it and the bigger issue is that you are in the 60 Day Club!
I would think that you guys that suffered losses from Katrina would be given a break!Filed Chapter 7: 7/3/09
341 Hearing: 8/6/09 - Went Smoothly!
Discharged: 11/30/2009
Closed: 12/16/2009
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Originally posted by backtoschool View PostThat totally depends on the district. Some districts take all of it, some take a pro-rated portion depending on when you filed, some don't take any of it. Some districts it's automatic and everyone gives up their tax return, some districts is is a case by case basis.
Did the trustee give you anything in writing explaining the district's policy on tax returns? In my district they do not automatically take your return, but if the trustee asks for it, they can take the whole thing.New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!
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Originally posted by 2manybills View PostIt is totally dependent on your district. We are dealing with guys out here that are trying to push out 250 cases a day! They're going crazy with more on the way!
I would ride it out. Let your attorney handle it and the bigger issue is that you are in the 60 Day Club!
I would think that you guys that suffered losses from Katrina would be given a break!
And just for good measure........
New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!
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Originally posted by LSUTiger32 View PostHe did mention to us that he wanted to see it. He did say he might take some, or he might not touch it at all. He just asked us to please comply and make sure he sees the return and that we do not do direct deposit. We have to do a paper check.You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
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Originally posted by backtoschool View PostI would increase your withholding a bit so you can keep more of the money. You still have 3 months to recoup some of it before you file.
I would not do anything without your attorney telling you to do that. That's what you paid him for. I can appreciate the fact that you don't want to give up your tax return, on the other hand, IMO - you are getting rid of a big monkey on your back with everything else. Let your attorney do his job! We tend to sweat stuff that the attorneys don't even worry about.,Filed Chapter 7: 7/3/09
341 Hearing: 8/6/09 - Went Smoothly!
Discharged: 11/30/2009
Closed: 12/16/2009
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