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No more bankruptcies until feb 2010??

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    #1

    Question No more bankruptcies until feb 2010??

    I had my first meeting with the attorney yesterday.

    I gave him all my schedules and the previous 3-years of taxes. I told him I'd like to file within a couple of weeks.

    He told me that being so close to 2009 that all bankruptcies are now being required to include the 2009 federal taxes.

    I checked this out with some other people who were told the same by heir attorneys.

    What the ????

    FIRST OFF... I thought that the bankruptcy court coldn't force one to file something that legally doesn't need to be filed. . . or in this case require something that legally CANNOT BE FILED until January or February of next year.

    SECONDLY, this means that I have to wait up to 3 months to file now since employers are allowed to send W-2's out up to January 31, 2010.

    I was hoping to file in the next couple of weeks . . . this really puts the screws to that idea.

    AND TO BEAT ALL, the 2009 taxes are going to be WORSE than the 2006, 2007 & 2008 taxes I've already turned in and I will not be getting a refund . . . .as normally . . . I never get a refund.

    IT just doesn't seem right(or legal?) for the bankruptcy court to require something that legally can't even be filed at this time . . . to the tune of 3 months . . . THREE MONTHS!
    Last edited by HHM; 11-06-2009, 07:19 AM.
    Tags: None
    #2
    oops

    I meant to say the 2009 taxes(the one that gets filed in 2010)

    Comment

      #3
      You would think it illegal to tax a person retroactively at a different rate than months before. Bill Clinton did this.

      I would file before 2010 anyway. This may be ruled not legal. Don't let it slow your clock down. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment

        #4
        How could a person file their 2009 taxes now when the year is not over yet? How would they know what their exact income is going to be?
        Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

        Comment

          #5
          Not only that, but the IRS sent out notices last year that tax returns cannot be filed(electronically), without the actual W-2 form in hand.

          SO, even if a person had all his/her paystubs the tax form cannot be completed until the W-2 form is in hand.

          An awful lot more can happen with creditor's actions in 3 months, than what can happen in less than 1 month and this consensus(needing the 2009 taxes), really bothers me.

          It would be different if the trustee would just not give the "final" discharge until the 2009 taxes are filed. BUT, this is not what I'm hearing. What I'm hearing is that the court wants the 2009 taxes in the packet.

          Comment

            #6
            Many times a person doesn't get their W-2 forms and other documents until the last week in January or the first week in February.

            Could they be referring to people who are paying ESTIMATED taxes?
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

            Comment

              #7
              This is common and should not be surprise to anyone; the trustees are trolling for your tax refunds. Keep in mind, your tax refund is already EARNED as the year progresses, so it is technically part of your BK estate when you file; the act of filing your tax return merely liquidates the amount.

              You are not going to be required to file your taxes before the normal deadline (if the trustee is asking you to do this, then he is over reaching), but they are going to leave cases open until the debtors file their 2009 tax return.

              Comment

                #8
                Maybe I should be concerned with my attorney for telling me that we can't file until next year because of it.

                The attorney runs a bankruptcy-shop. As such, I thought this would be a good thing in-as-much as he would be more savy and more up to date on exemptions. Some attorneys in this area still think Ohio is using the old exemption amounts and such.

                My only concern is that I really don't want to wait until January or February of next year to actually file the Bankruptcy, snce it will put me on pins and needles until then AND it will mean I have to endure creditor's calls(and legal actions) for 2 months longer than I had expected.

                Maybe another month here or there means nothing, but it has me concerned that I can't get my life back on track for that much longer.

                Comment

                  #9
                  Your attorney may simply be telling you to wait to file so you can receive your tax refund and spend it before filing BK so you get the benefit of the funds vs. having the fund go to the trustee. Nothing wrong with that advice. But ultimately, it is your choice. If you file now, kiss any refund good-bye; if you file after you have received and spent the refund, then you get the benefit of the refund.

                  Comment

                    #10
                    There will be no refund over a few hundred dollars(if that much . . . which I doubt). He told me that they won't even look at a refund of less than $800.

                    AM I going to have additional creditor-related(such as lawsuits and such), problems for waiting so long?

                    AT THAT . . . does the prospect of "additional" creditor-related problems even mean anything, in the long run?

                    I'm somewhat fearful of legal actions that will require court hearings(time and more attorney's fees), and such because of the extra 2-3 months.

                    Comment

                      #11
                      Originally posted by HHM View Post
                      Your attorney may simply be telling you to wait to file so you can receive your tax refund and spend it before filing BK so you get the benefit of the funds vs. having the fund go to the trustee. Nothing wrong with that advice. But ultimately, it is your choice. If you file now, kiss any refund good-bye; if you file after you have received and spent the refund, then you get the benefit of the refund.
                      I'll bet that's it.

                      Another work-around for that is to have the filer get a Refund Application Loan. Places like Schwab will give the taxpayer their refund on the spot in exchange for an assignment of the right to receive the refund from the IRS. Of course, they charge pretty hefty fees for this so I don't commend it unless a filing is urgent.
                      Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

                      Comment

                        #12
                        Is this true in any state?
                        08-2009:Quit Paying Credit Cards
                        04-2010:Hired 2nd Attorney;05-2010:Filed 7
                        06-2010:341 Meeting (went very well)
                        08-24-2010: Discharged; 09-02-2010 Closed!!

                        Comment

                          #13
                          Originally posted by Ann View Post
                          Is this true in any state?
                          Yes

                          Comment

                            #14
                            Let me get this straight. I am going to have my 341 meeting next week. If I am going to have to wait until my tax refund in order to get this discharged, I'm going to be pissed.

                            1st: I am expecting a big refund. I have been intentially overwitholding all year and all of that will add up and in addition I'm supposed to get EIC. Is there a good chance that I'm going to have to piss all this money away now? It could amount to 3-4k which will be badly needed when the time comes.

                            Is there a way to use the refund as part of an exemption amount, which I am currently underutilizing?

                            Thanks,
                            Dealingsdone

                            Comment

                              #15
                              Your discharge will still happen on time.

                              See this thread about the difference between discharge and closing
                              Discharge vs. Closing in Chapter 7, Clarification - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
                              http://www.bkforum.com/showthread.php?t=10879
                              Frequently Asked Questions regarding Bankruptcy


                              You will still get your discharge about 60 days after the 341 meeting, but your case will be "open" if the trustee decides to snag your refund.

                              Comment

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