I am just in the beginning stages of filing for Chapter 7. I have just met with the counseling service is all. I know that I am going to filing this year, but my question is about my tax return. Is it better for me to file my taxes and get my return before I file, or do it after I file? I am planning on using a good portion of the tax money to get my house payment current so that I can keep it through the Chapter 7.
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from what i have read is that you can exempt your tax return but could be mistaken. I am going to be filing w/in the month and have my taxes setup to do on feb 11th . they said i should be fine, but maybe someone with more knowledge can chime in. Good luck!if you are in the san diego Area and need a great lawyer PM me !!! my lawyer did miracle's for me and has made my life better
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The exemptions vary by state.
In your situation, I would file taxes, spend the money on the house, then file bankruptcy.Comment
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I am in Illinois by the way if this helps.Comment
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I am not sure but I am in Louisiana and I filed in August. I have now been changed to an asset case, post-discharge, and it's because of my tax return. My lawyer said that the trustee will be taking 8/12th's or 2/3rd's of mine. She said that there is a complex formula, but basically I could expect to lose that much of it. She said there is no way to protect it, and again that might just be Louisiana.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!Comment
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It looks like Illinois offers a $4000 wildcard that can cover anything except wages. Earned buy unpaid wages have their own exemption to 85%.Originally posted by thegunner02 View Post
So, you could probably exempt the tax refund and go ahead and file now if you need to.Comment
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