Question About Return

[jgordo52]

I have enough exemptions to cover Tax Refund, BUT that is without leaving exempted about 750 of furniture and what not. What happens if I just filed my tax return today. I know I can't spend it, but it will be deposited before my 341. I know I can't spend it, but what are my options if any on it. Do you think the trustee will go after the 750 and take 750 in refund for me until I exempt the other portion.

Will it even get to my checking account before the trustee does anything with it? Just questioning things.

Thanks,

Jeff

[kenshirley]

I will have mine back before I file in March and my attorney told me to spend it on necessities before we file.

[jgordo52]

Anyone know if I get it in my account for direct deposit do I just keep it there until everything is settled with everything and my exemptions or what? I filed 12-31, did my return yesterday.

[Trixie007]

Well, yeah, you can get it direct deposited - in fact, you'll get your money faster that way! I don't know about spending it though. You claimed it as an asset, so it's part of your BK estate until it's all settled. I'm no expert, but I know I've read on here that you shouldn't sell your assets while the BK is being filed/settled - so wouldn't spending the asset be kind of the same? It seems to me that this is different than filing taxes, spending the money, then filing BK. I could be wrong... In fact, I probably am. But I know I'm right about the direct deposit lol.

[jgordo52]

ttt

[relief13035]

I did my son's return on Turbo Tax online last night. He will be receiving a refund and it said that the direct deposit will show up within 8-14 days.

[jgordo52]

my question pertains to not the refund time frame, but I just have to keep it in my account right? I filed 12-31, did my taxes two days ago, so technically it's included in the bankruptcy estate, correct. So do I just keep it in my account until I find out how the trustee is at my 341 and then subsequent discharge?

[Trixie007]

my question pertains to not the refund time frame, but I just have to keep it in my account right? I filed 12-31, did my taxes two days ago, so technically it's included in the bankruptcy estate, correct. So do I just keep it in my account until I find out how the trustee is at my 341 and then subsequent discharge?

I'm actually curious about the answer to this too... we are expecting a large tax refund from California, and I understand there will be at least a 30 day delay in getting the refund, maybe longer! I hope they pay us interest! I'm thinking of waiting until March or even April to file our state return, and if we file BK in April, we may well get the money while awaiting discharge. So rather that getting the money and spending it on car repairs, groceries, etc. we are going to try to exempt the refund - which would actually be way cool! Money coming in after discharge!

[jgordo52]

anyone?

[jgordo52]

What would happen if I borrowed from my tax return to catch up on my mortgage instead of being right around the grace period. Then paid it back with my paycheck around the 17th on Feb.

[hopejones]

Wish I could help but I have the very same questions/concerns as you. Money coming in after the discharge would be super cool (especially to my gas comp. & light comp since I'll finally be caught up on the the utilities ).