top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Advanced child tax credit

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Advanced child tax credit

    Good Morning,

    We currently turn in our tax return to the trustee. With the new bill that has passed regarding the child tax credit payments I am wondering if we will be able to take advantage of that? We could really use the possible monthly payments.

    #2
    Welcome to BKForum.

    If you're in a Chapter 13 then your child tax credit may be treated as regular income. I do not know how the bankruptcy trustees are going to deal with this. If Congress were smart, they should have excluded it as income for purposes of bankruptcy and especially in a Chapter 13.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      I'm wondering this myself...although I don't have to give my tax return to the trustee. I don't see why I would have to give it to him since I owe the government every year. Even with this tax credit, I would still owe money on my federal return. I owed them 1,900 bucks this year. I might just save it though for next year to help pay the tax bill.

      Luckily, the stimulus money I just got paid for this years taxes.

      Comment


        #4
        In ohio i have to turn over my tax returns to the trustee, but me and my wife get to keep $1500 plus and child tax credits we get which helps out.

        Comment

        bottom Ad Widget

        Collapse
        Working...
        X