top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

2006 tax return...can i do this?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    2006 tax return...can i do this?

    We plan to file chapter 7 in around Jan to march, depending on how much longer we can keep up w/ payments. We charged a large amount of clothing for back to school and food in Sept as we has no cash...so now we must play the waiting game.
    If we waited until after we filed our tax return and chashed the check would we still have to give the $$$ over to the trustee? What about past years returns. They were cashed and spent long long ago. We get back around $4,000 from EIC, etc. We really need that money for dental work my daughter & I need. (We have no dental insurance and braces & two implants are expensive!!!) Plus my doggies needs to go to the vet as they need shots and heartwor meds. I know the trustee could care less about my dogs or dental problems. We use our returns to fill in the gaps of what we need every year. Last year it paid CC bills so we could get balances down a bit.
    Any advice about this? Or am I dreaming?
    Whatamess...
    ch7 8/07 CLOSED: 11/07 Rebuilding and saving.
    WAMU unsecured $2,000 Capital One unsecured $500
    PAID OFF MONTHLY!!!

    #2
    Important

    I forgot to add the biggest reason for wanting my tax return,
    got to pay the lawyer!!!
    Would that be "acceptable?"
    Whatamess
    ch7 8/07 CLOSED: 11/07 Rebuilding and saving.
    WAMU unsecured $2,000 Capital One unsecured $500
    PAID OFF MONTHLY!!!

    Comment


      #3
      THE court doesn't examine how you have spent your money

      If you get/spend your tax return money before filing it is no different then spending money in your savings account. As long as you are not fradulently transferring assets or giving preference to certain creditors, how you spend your money (cash, not credit) pre-filing is not of issue to the court. Tax returns only become an issue if you have a refund pending (have not received or cashed yet) because it is an asset on the day you file, just like money in a bank account.

      Comment


        #4
        The 2 times of year that Trustees are interested in Tax Refunds are the Spring and Fall. Spring when people are getting refunds. Fall when the Trustee knows tax season is right around the corner and they can get 75%+ of the money next spring.

        If you file taxes and spend your refund, save all your receipts to prove you spent the money on necessities. Attny's fee and filing fee are allowable expenses.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment

        bottom Ad Widget

        Collapse
        Working...
        X