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    #1

    Tax Return?

    At what point do I know if the trustee is going to come after our tax return? He accepted our buy back offer which is a shock to us since we suggested a very, very low offer. I am still pinching myself and am cautiously elated. My attorney said the trustee made no mention of our taxes and we shouldn't bring it up.

    The trustee wants a one lump sum payment or two payments. If we do this, we would be using a portion of our taxes to pay him. I am worried that if we agree to this type of payment, the trustee would then turn around and ask for our taxes. If he asks for our taxes, then we have no way to pay the settlement. This was too easy and I am sure the other foot is going to drop.

    Sorry, title says tax return but it is our refund
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    #2
    Did your lawyer exempt your return?

    Comment

      #3
      Aw Mom, don't keep us in suspense... tell us about the offer
      Of course he accepted it, he really didn't have a leg to stand on--- but YAY for you! call it extortion but at least you are moving ahead and can have peace of mind.

      Keep On Smilin'

      Comment

        #4
        Originally posted by keepmine View Post
        Did your lawyer exempt your return?

        No, I don't believe so. We used our wild card for something else.

        Thanks Keepsmiling, I literally laughed out loud. We offered $3000, trustee came back with $7500. My attorney suggested $5000 or more and I refused. We countered with $4500 and trustee accepted. Yes, a small price to pay but at the end of the day, thousands less than where we were last year. Just asked my attorney again about the refund and he believes we are okay and all the trustee wants is the $4500. But my attorney's predictions have not been on the ball with this trustee. Now, do I agree to his payment options? Tough choice for us. Like I said, we couldn't do it without the refund and I can't bank an agreement on the unknown but hey, it's almost Friday and I haven't felt this good in months. My kids are going to wonder who I am when the come home today By the way, why is it we have to make only two payments? Can't we ask for more time?

        Comment

          #5
          If you didn't exempt the REFUND, you should be prepared for the possibility the trustee will want it. You won't know for sure that he won't take it until the trustee abandons the REFUND or your case is closed. If he does go after the REFUND, perhaps you can work out another payment plan.

          A tax RETURN is a document you file with the IRS. I share HHM's pet peeve: http://www.bkforum.com/showthread.ph...not-tax-return
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

          Comment

            #6
            Originally posted by LadyInTheRed View Post
            If you didn't exempt the REFUND, you should be prepared for the possibility the trustee will want it. You won't know for sure that he won't take it until the trustee abandons the REFUND or your case is closed. If he does go after the REFUND, perhaps you can work out another payment plan.

            A tax RETURN is a document you file with the IRS. I share HHM's pet peeve: http://www.bkforum.com/showthread.ph...not-tax-return

            Yup,I completely understand the difference and this is why at the end of my post I said sorry and that I am referring to my REFUND.

            Comment

              #7
              Originally posted by Worriedmom4 View Post
              Yup,I completely understand the difference and this is why at the end of my post I said sorry and that I am referring to my REFUND.
              Sorry, I missed the last sentance for some reason. I don't mean to criticize any one person. It is a common error, otherwise it wouldn't be worth bringing up. I like to point out the error when I see it in hopes that it will sink in to the masses.
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

              Comment

                #8
                tomatoe/tomatoe I no what you mean

                Comment

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