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CAN BANKRUPTCY TAKE MY 09 TAX RETURN

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Icon Mini Profile nikkilindeman





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Post Posted: Mon Oct 26, 2009 12:31 pm    Post subject: CAN BANKRUPTCY TAKE MY 09 TAX RETURN
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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
Icon Mini Profile jameshogg
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Post Posted: Mon Oct 26, 2009 10:25 pm    Post subject:
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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
Icon Mini Profile wsumeet





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Post Posted: Sat Oct 31, 2009 9:48 am    Post subject:
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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
Icon Mini Profile raymond
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Post Posted: Sat Oct 31, 2009 10:44 am    Post subject:
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>>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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Post Posted: Mon Dec 14, 2009 5:19 am    Post subject: Tax Refund
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We are well below poverty line. We are on welfare and have 7 children. My husband and I are living with my parents and both of us have returned to school after a loss of my husband's job and our home. I have file for Chapter 7 bankruptcy and received a notice that they wanted all my tax refund checks to be signed over to them. We will receive about $5300 due to all the children we have. We needed this money to live on since we have no current income, until I get out of school in 3 months. Can they take this money or do we qualify for this to be exempt because of our poverty level?
Icon Mini Profile raymond
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Post Posted: Mon Dec 14, 2009 8:08 am    Post subject:
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You have to give it to them if they're asking for it. I suggest explaining your situation to the Trustee, and ask for an exception.
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