How do I exempt a tax refund?

[Pasofino]

I should be receiving a small tax refund 6-800.
How can I exempt this amount?

Filing BK in mid March/filing taxes April 15,2010
Thanks

[ROB37LAW]

file your taxes prior to filing and put that money into a roth ira

[justbroke]

Why wait to file your taxes? If you're not owing money, then file as soon as you have all your paperwork ready, which you should. That way, you don't need to worry about exempting the refund.

However, if you choose to wait, you exempt it using "Exemptions" based on the State in which you live (or Federal Exemptions if available and chosen).

[Pasofino]

Why wait to file your taxes? If you're not owing money, then file as soon as you have all your paperwork ready, which you should. That way, you don't need to worry about exempting the refund.

However, if you choose to wait, you exempt it using "Exemptions" based on the State in which you live (or Federal Exemptions if available and chosen).

I am in AZ and my home has a homestead. I have no equity in my home as it is worth 45% less than my mtg amount. Can I use that exemption to off set other items? Please tell me what form this is.
Thank you

[justbroke]

If you are filing pro se, you really need to get a guidebook, such as the NoLo Press' guidebook for Chapter 7. While I could just tell you that Exemptions go on Schedule C, that is not entirely everything you may need to do. Are you filing yourself, pro se?

[Pasofino]

If you are filing pro se, you really need to get a guidebook, such as the NoLo Press' guidebook for Chapter 7. While I could just tell you that Exemptions go on Schedule C, that is not entirely everything you may need to do. Are you filing yourself, pro se?

I do have the great NOLO for a guide, however, it is the homestead amount that I am questioning and whether or not I can use the exempt amount for other items.???

pro se
Thanks

[justbroke]

I do have the great NOLO for a guide, however, it is the homestead amount that I am questioning and whether or not I can use the exempt amount for other items.???

My cursory glance at the Arizona Exemptions (under A.R.S.) shows that you cannot use the "unused homestead exemption" as a "wildcard". Unfortunately, Arizona is one of those States in which "cash" is not a good thing to have laying around. Sorry.

You should probably file your taxes before filing bankruptcy. Make sure you receive your refund, and then use it for things you need like, perhaps, an attorney, buying food, clothing, fixing the car, fixing your teeth (or other medical needs put off).

I am in AZ and my home has a homestead. I have no equity in my home as it is worth 45% less than my mtg amount.

Also, if your home is worth 45% less than your mortgage... you should be surrendering that home in the Bankruptcy. There's no need to pay the 55% back to the bank by reaffirming the mortgage. The least you could do is a "Retain and Pay" where you "ride-through" by continuing to pay on time. However, I may want to think about (later) abandoning the home and moving elsewhere. This is another reason why I keep hinting to retain an attorney.

What are you really trying to do anyhow? Save property? Stave off creditors? Recent judgment or lawsuit?

[Pasofino]

My cursory glance at the Arizona Exemptions (under A.R.S.) shows that you cannot use the "unused homestead exemption" as a "wildcard". Unfortunately, Arizona is one of those States in which "cash" is not a good thing to have laying around. Sorry.

You should probably file your taxes before filing bankruptcy. Make sure you receive your refund, and then use it for things you need like, perhaps, an attorney, buying food, clothing, fixing the car, fixing your teeth (or other medical needs put off).

Also, if your home is worth 45% less than your mortgage... you should be surrendering that home in the Bankruptcy. There's no need to pay the 55% back to the bank by reaffirming the mortgage. The least you could do is a "Retain and Pay" where you "ride-through" by continuing to pay on time. However, I may want to think about (later) abandoning the home and moving elsewhere. This is another reason why I keep hinting to retain an attorney.

What are you really trying to do anyhow? Save property? Stave off creditors? Recent judgment or lawsuit?

I am not planing to reaffirm my home and I am not certain the option is available to me to retain and pay in AZ. I will surrender and hope to do a ride thru that way since I am current on the mtg. and yes, later I will probably move elsewhere, however, I had a reduction in my mtg. and it is best for me to stay here for now.

I also need to file in 2 weeks because of a rental property foreclosure that I want to put a stay on.

the thought of filing tax now with all of this is overwhelming to me.

Thanks for your help.

[justbroke]

I also need to file in 2 weeks because of a rental property foreclosure that I want to put a stay on.

Why? Do you have equity in this property or something?

Also "retain and pay" is the same as a "ride-through". To do a ride-through, you would mark your Statement of Intentions as "OTHER: Retain and Pay". As to whether Arizona allows this, they should. The only question on retain and pay is whether you can do so on "personal" property (as stated in the BK Code). This is why some States don't allow it on cars. However, homes have never been questioned, that I've read.