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another tax return question (I know, I know)

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    #1

    another tax return question (I know, I know)

    I know this has been discussed ad naseum. that said, I am unfortunately not getting any answers from my attorney except for "it's up to the trustee" on tax returns. 341 was Dec 4th, and the trustee said to "let me know before cashing any tax return checks..."

    As for whether or not it was exempted, I don't know. I can't get a straight answer on what exemptions I claimed - my attorney is a "bargain basement" guy who works out of his house, but has been doing BK law for a long time. He's just old (read: ancient), and I think he doesn't want to do much work. =\
    Anyway, I am going to do my taxes as soon as all my tax paperwork arrives. That said, is he less likely to take a small return, say, $1500 or less? I guess what I'm getting at is this: would it be beneficial to me to NOT claim certain deductions that I normally would, to keep the return amount low? I'd like to get SOMETHING to help me get into another (used, cheap) car, as mine already went back to the bank.

    Opinions welcome and appreciated.
    Tags: None
    #2
    In my district the order for the income tax return / refund is stated on the confirmation order. You can go online to your trustees website to see what the normal practice is in your district.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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      #3
      We were asked at our 341 if our return was exempted and our lawyer told the trustee that it was.

      The only for sure way to keep it is if you exempted it.
      4/09 Converted to a Ch 7 due to loss in dh's income
      5/09 UST now involved no idea what happens next
      7/09 UST has decided to withdraw his motion to dismiss!
      7/27/09 DISCHARGED!!!

      Comment

        #4
        I found the original filing doc on pacer, and it doesn't mention anything about tax returns in exemptions. crap.

        Comment

          #5
          And which state are you in if I missed it? In Arizona, I was told you can't exempt it so there's no protection at all on it.
          Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

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            #6
            Schedule C is easily amended if you've "space" in your exemptions below the limits. Our trustee at our 341 today pretty much advised one debtor, who was taking Federal exemptions, to do just that, for money she maybe had coming!

            One thing I've wondered is if you can just wait to see if they file something about taking the money, and only bother with the amendment at that point, or if it's important to do it before they try to take it.

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              #7
              I'm in Oklahoma western district, btw.
              MTBC, thanks. It's going to be like pulling teeth to get my attorney to amend anything at this point. I'm sure going to try, though. All I exempted is household items, one car I'm reaffirming (if they'll meet my terms), and my home which I am riding thru on. I can't imagine I exceeded the limit. then again, he told me I was "on the edge" of the income limit for being able to file ch7 (which is crazy considering I made less than $60k last year, and am married with a child).

              Comment

                #8
                Can you wait to file? We closed as no asset so our lawyer says they don't want our refund. We did not exempt it. Figure last day of objections in Feb 4, then a week or two for your case to close. I know it does not always go that fast, luckily ours did, then you would know for sure.
                Filed 8-21-09
                341 10-9-09
                12-14-09 Discharged
                12-29-09 CLOSED!!!

                Comment

                  #9
                  Originally posted by ready2live View Post
                  Can you wait to file? We closed as no asset so our lawyer says they don't want our refund. We did not exempt it. Figure last day of objections in Feb 4, then a week or two for your case to close. I know it does not always go that fast, luckily ours did, then you would know for sure.
                  We're a "no asset" case as well. Wait. So am I to understand that if the case goes to "closed" I can file, and the return is mine to keep? So, as long as he doesn't hold out on closing the case waiting for my taxes, I could keep the whole thing? I'm in no hurry to file. I have a car to borrow until I can buy one.

                  Comment

                    #10
                    Originally posted by BoomerSooner View Post
                    We're a "no asset" case as well. Wait. So am I to understand that if the case goes to "closed" I can file, and the return is mine to keep? So, as long as he doesn't hold out on closing the case waiting for my taxes, I could keep the whole thing? I'm in no hurry to file. I have a car to borrow until I can buy one.
                    That is pretty much my understanding and what my lawyer told us.
                    Filed 8-21-09
                    341 10-9-09
                    12-14-09 Discharged
                    12-29-09 CLOSED!!!

                    Comment

                      #11
                      Originally posted by ready2live View Post
                      That is pretty much my understanding and what my lawyer told us.
                      very interesting. thanks for the response!

                      Comment

                        #12
                        I haven't even seen an attorney yet but would like to before the end of the month. I'm hoping to file (or at least start the process by early Feb.). I've crunched some of the numbers and I stand to get a sizable refund (>$5k) if all the tax paperwork comes back as anticipated.

                        In BK for dummies, it says something about filing your taxes AND spending the money before you file BK (Chapt. 7 in my case). Does that make sense? I can definitely use it now to help with my mortgage and car that I plan to keep and also towards my attorney fees.

                        Any thoughts would be greatly appreciated.

                        Comment

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