Ny Chapter 7 Tax Return

[toe2toe]

Hey Everyone, i have been reading the boards for sometime since my sife lost her job appx 1 year ago. We had made the decision that bankruptcy was the right move for us as one income was not making it work. I received word that my case was filed on 12/8/10 with the 341 meeting scheduled for 1/10/11. I was wondering if anyone had experience with new york on the status and whether or not my assumed tax return would be in jeopardy next year? thanks for all the information.

[free2breathe]

I am assuming you hired an attorney since you say you "received word" that your case had been filed. Check your exemptions (Schedule C) to see what is listed. I believe you are allowed $2500 cash exemption ($5000 when filing joint with your spouse) in NY - assuming you were using NY exemptions. If your bank accounts were below that amount, any "leftover" should be exempted as part or all of your refund.

Edited to add: The bankruptcy estate "owns" the refund that would be considered earned up to 12/8/2010. I'm not sure if they use a straight 12/12 calculation, or a 365/365 to determine the percentage due the bankruptcy estate. Could be they could take 11/12 of your refund or 342/365 depending.

[dumpinmydebt]

If it was not exempted, then yes, it is in jeopardy of being taken, especially with it being so late in the year.

[tcreegan]

Hi toe2toe, and welcome!

One thing you can do is find out where your trustee holds 341 meetings and go watch a few. You can see what the trustee is interested/not interested in

Hopefully you won't get the trustee someone posted about who announced to the whole room that she was getting everyones tax refunds.....

Tom in Colo

[drowning123]

I'm from upstate New York. I had no delays. Everything was posted on time in PACER. Trustee did not ask for my tax refund, but then again I heard that this varies by trustee. My 341 was no longer than a minute. At the time of filing I had $15 in a savings account. I was never questioned about any future income or tax refunds. Also, it helped that I had a lawyer who is well-known, but I did all the talking at my meeting anyway. Honestly, I don't even know what's on my paperwork off the top of my head. I quickly looked them over before I signed and filed, but I had confidence in my attorney.