Does it make a difference if I wait until I get my discharge to file my taxes? I am expecting a $1300-1500 refund. I think that the first $1000 is exempt, but if I wait until after discharge can I keep all of it?
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It won't matter when you file your taxes, the trustee is entitled to that portion of your income tax refund that was earned up to the date of the filing of your BK, and is not exempt. Remember, your refund is earned, during the tax year, (not when you receive it).
For example, if you are entitled to a $2,400 tax refund for tax year, 2006, and you file for BK December 1, the trustee would be entitled to $2,200 of that refund...minus any applicable exemption. Also, there is some overlap into the following year. -
Yeah, that makes sense, thanks. For the bad news LOL!
Geez, this sucks. I just calculated my taxes, and I should get $2200 back. I was really hoping to use the money to pay off my mom and my student loan. Darn it! This just keeps getting worse and worse. On top of my problems with the car loan...
Is there any way to keep it if I talk to an attorney, or is it too late since I filed pro se?Comment
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Originally posted by freshstart2006 View Post
It's a done deal. I went through this too. I got 3/12 back but it ended up going on my suv, to keep it...and my refund was a whopping $2,900 so I know how you feel
Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
Who it was we were below, where we've been and where we go
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Don't worry about it too much... you could get lucky like we did... the trustee didn't even ask for our tax return. We're getting back almost $3000... and we get to keep it all.
If you've had your 341, has the trustee declared your case as "no asset"? If so, then you're probably safe... if not... then maybe not.
Good Luck!Filed Ch. 7 Pro-Se: 10/12/06
341: 11/6/06 (went AMAZINGLY well!)
Discharge: 1/12/07
Closed:1/19/07
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Originally posted by AMISLANDER View PostIt's a done deal. I went through this too. I got 3/12 back but it ended up going on my suv, to keep it...and my refund was a whopping $2,900 so I know how you feel
Are you saying that if I use my tax return to pay off my secured auto loan, that is okay? Because that would be good too.
Should I call the trustee and ask him?
In my 341, he told all of us to call him if the refund was over $1000, or we could be fined and our case denied. Perhaps he would be okay with me using the refund to pay off my car loan?Comment
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Originally posted by freshstart2006 View Post
Nope, not saying that....my trustee let the 3/12 portion of my return that I was supposed to get back by law be applied to the monetary portion of what payment we agreed upon for me to keep the suv that's all ready free & clear. I had to pay to keep my suv that I personally already owned free & clear.
You should probably call because this refund stuff gets tricky. My trustee told me at my 341 back in Nov. 2005 that he wanted my 2005 refund money. If I had been smart, I would have had as much deducted out of my paycheck which would have left less for trustee but in my case, I had to pay to keep my vehicle anyhow so it basically worked out.
I would call your trustee, you don't want to do anything that would hurt your bk.Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
Who it was we were below, where we've been and where we go
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