CAN BANKRUPTCY TAKE MY 09 TAX RETURN

nikkilindeman · Joined: 26 Oct 2009 Posts: 1 1.31 Dollars($)

Well we are paying the attorney pymts right now for chapter 7 bankruptcy. I have not paid them in full to this date. I am wondering should I file now or wait until after I receive my tax return? Can they take it if I file now?
thx

jameshogg · Posted: Mon Oct 26, 2009 10:25 pm Post subject:

Hi nikkilindeman,

All your assets will be taken into consideration when you file Chapter 7 bankruptcy. Your bankruptcy trustee may use your tax returns in order to pay off your creditors. You should have a word with your bankruptcy attorney in order to know if the trustee can take away your tax returns if you file now.

Thanks

wsumeet · Joined: 31 Oct 2009 Posts: 5 1.66 Dollars($)

All your assets will be taken into consideration when you file Chapter 7 bankruptcy. Your bankruptcy trustee may use your tax returns in order to pay off your creditors. You should have a word with your bankruptcy attorney in order to know if the trustee can take away your tax returns if you file now

raymond · Posted: Sat Oct 31, 2009 10:44 am Post subject:

>>Can they take it if I file now?

Your Attorney knows the timing with that, so jot that question down on the list of all the questions you're coming up with, and take that list with you during your next visit. When I did my chapter 7, they kept the tax return from the next year, but it had to do with timing. With my chapter 13, my tax refunds were provided directly to the Trustee, instead of me. The Trustee reviewed my payments, to ensure I was current, and then released the refund to me. The check was made out to the two of us, and he had to endorse it in order for me to deposit it.

If you've got to give up the tax refund, change the withholding on your W2 form to 10. That's the highest number we're allowed, and it'll reduce the amount of your 2009 refund.

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