Tax return

[ohiogurl]

Hello!!

I just wanted to ask a question.

My husband is the only one with an income, and he filed bankruptcy in August, we had our 341 meeting in Oct. (no discharge yet), anyways my questions is,...can they take our taxes if I was not on the banckruptcy? We usually get a good size refund, we have 3 children together and 2 that are mine from a previous marriage.

Thanks!!
Leisa

[backtoschool]

I am assuming since your husband is the one with the income, that you file a joint income tax return.

If he is the one that filed for bankruptcy, then the trustee may take his return as an asset.

Ohio is not a community property state, so if you are the one filing the income tax return on your income (although in your post you say your only income is your husband's income) then any tax return you file separately will not be an asset of the bankruptcy estate and cannot be taken by the trustee.

[OhioFiler]

The trustee could take 7/12ths of your husband's refund if it was not exempted.

What is your idea of a "good size refund"? Did your husband have wildcard exemption available to protect the refund? Was the 2009 refund discussed at the 341 meeting?

[ohiogurl]

The trustee could take 7/12ths of your husband's refund if it was not exempted.

What is your idea of a "good size refund"? Did your husband have wildcard exemption available to protect the refund? Was the 2009 refund discussed at the 341 meeting?

The only thing that was exempt was our home, because of the equity and its our homestead. I had a very small income from childcare is all. We usually get back about $8,000 on our tax refund.

No, the trustee did not mention taking the 2010 tax refund, he had just asked if we had our past 2 years of tax returns at the 341 meeting, or if we had already turn them in.

Doe's the Trustee usually tell you if he is going to take your refund at the 341 meeting?

Thanks for the help!!

[backtoschool]

The only thing that was exempt was our home, because of the equity and its our homestead. I had a very small income from childcare is all. We usually get back about $8,000 on our tax refund.

No, the trustee did not mention taking the 2010 tax refund, he had just asked if we had our past 2 years of tax returns at the 341 meeting, or if we had already turn them in.

Doe's the Trustee usually tell you if he is going to take your refund at the 341 meeting?

Thanks for the help!!

It varies by district whether the trustee will tell you at the 341 if he is taking your return. Sometimes you don't find out until you are made an asset case. If you do not exempt the return, then the trustee has a right to take it.

[ohiogurl]

It varies by district whether the trustee will tell you at the 341 if he is taking your return. Sometimes you don't find out until you are made an asset case. If you do not exempt the return, then the trustee has a right to take it.

What is a asset case? Sorry!

[readytofile]

I would contact your lawyer.

[backtoschool]

What is a asset case? Sorry!

An asset case is if the trustee finds something that he can sell or take and give money to creditors. If the trustee takes your tax return, it would make you an asset case. The trustee would take a certain percentage of the tax return for him/herself and would distribute the rest to your creditors.

Being an asset case does not affect your discharge, it simply means that you have assets that can be distributed to creditors.

[ohiogurl]

An asset case is if the trustee finds something that he can sell or take and give money to creditors. If the trustee takes your tax return, it would make you an asset case. The trustee would take a certain percentage of the tax return for him/herself and would distribute the rest to your creditors.

Being an asset case does not affect your discharge, it simply means that you have assets that can be distributed to creditors.

Ok, Thanks

I didn't have an attorney, I prepared the bankruptcy petition myself. Our home was exempt and we didn't have to pay court costs or filing fee's, because of low income. If he would consider anything an asset that would be the only thing he could have as an asset then, because we had nothing but the house, and that was exempt.

[backtoschool]

Ok, Thanks

I didn't have an attorney, I prepared the bankruptcy petition myself. Our home was exempt and we didn't have to pay court costs or filing fee's, because of such low income. If he would consider anything an asset that would be the only thing we would have as an asset, because we had nothing but the house, and that was exempt.

It would be helpful if you posted what you exempted and the dollar amounts and then we can figure out if you have any exemptions left to cover the tax return, and if it makes sense to amend your petition.

If you did not exempt your tax return, then the trustee can take it.

[ohiogurl]

Well my husband at the 341 meeting when the Trustee asked him what our home was worth, he told him $60,000. We owe $43,000 still on it. I exempted the maximum allowed in ohio which is $20,000. I just don't know how they figure this up with the equity in our home.

[readytofile]

Sounds to me like you should hold onto that money. They might want it.

[ohiogurl]

Yes, I will. I don't want to get into any trouble. It's still worth getting out of the debt we were in.

[ohiogurl]

I checked a site that someone PM'ed me called Pacer, and it states this,...No Distribution and says awaiting discharge,..88 days in. So, does this mean its almost over, or could I be waiting alot longer?

Thanks!!

[backtoschool]

I checked a site that someone PM'ed me called Pacer, and it states this,...No Distribution and says awaiting discharge,..88 days in. So, does this mean its almost over, or could I be waiting alot longer?

Thanks!!

Check on the docket section of pacer.

See if there is a report of no distribution from the trustee.

So far you have not been made an asset case and that is good.

But you need to check the docket and see if you have a report of no distribution from the trustee.