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    Tax Refund Question

    Hello All-

    I just found out from our accountant that we are receiving both a federal and state refund for 2009 (we filed an extension as DH was unemployed all 2009 and thought we would have to pay since we had nothing withheld from his UI payments). Fed approx $2100, state approx $450. Normally that would be great news, except we are getting ready to pay our attorney and file for CH 7 BK. We are way below the median income for our area - should I be worried? Would it be best to wait and file? Or will it not matter since we are below the median?

    Thanks in advance!
    OTF
    Filed Ch 7 Sept '10, 341 Meeting Oct '10, Discharged Dec '10, Case Closed Jan '11

    EQ 2/8/11 - 584, 6/2/11 - 677

    #2
    Depends on your state's exemptions. AT this point these are assets. If you have exemptions to cover them, then you should be fine. If no exemptions - you may want to wait and get the $, then spend it on things you need.
    Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
    (In the 'planning' stage, to file ch. 13 if/when we have to.)

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      #3
      Thanks SM!

      I think we would be able to cover it with an exemption, but I am waiting to hear back from the attorney.
      Filed Ch 7 Sept '10, 341 Meeting Oct '10, Discharged Dec '10, Case Closed Jan '11

      EQ 2/8/11 - 584, 6/2/11 - 677

      Comment


        #4
        we did our taxes a couple months before filing and rec'd a refund of 10k....our atty told us to spend it asap....we did....we turned in our 1040 for 2009 and the trustee didn't say a peep...we couldn't believe it...really.
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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