taxes,then file bk

[philslyn]

is it the right thing to do?
my attorney said to protect the 2008 tax refund. i should file the end of january for the tax return, then file Bk feb.
what do u guys think?

tnx!

ooppps one more thing
does anyone know the latest book of nolo for chapter 7?
good for the year 2009? or not yet?

thank u Happy New Year!

[AngelinaCatHub]

Well, it's your money. Now since you already earned it, and it is a refund for over paid taxes, a question to your lawyer, do you have to declair it income since you are showing gross wages anyway? That would be important for me to know, and you as well. 'Hub

[Mi Bankruptcy]

Here's what we did. We filed in NOV 08. We have to wait until our 341 in Jan to see if it works. We are CH7 no asset with plenty of room left in our exemptions.

Schedule B
Anticipated 2008 Tax return $6,000

On Schedule C We listed:

We put "Anticipated 2008 Tax Return"
(Husb)11 U.S.C. 522(d)(5) $3,000
(Wife)11 U.S.C 522(d)(5) $3,000

[philslyn]

Wow 6k huh! pls let me know how it went on your 341(a)
i will file feb and planning to file taxes jan the end.
good luck to your 341(a)
thank U
i believe we wil get atleast 4k for the 2008

[Mi Bankruptcy]

No problem,
I think it really depends on the local Trustee and the amount you have left in exemptions. My attorney told me not to worry about my tax return and they would not take it. I told him I need to the money as a part of my "fresh start'. I said I wanted to see the exemptions on the paper work.

I did read a case where a lady in Eastern Michigan did not exempt it and when the money came the trustee wanted it. The judge supported it because she did not exempt it. I sent the case to my attorney to show them why I wanted exempt it.

[Help!]

Unless they're fully exempted, they *can* be taken regardless of when you file your tax return. Your case trustee may not take them, but I definitely would exclude that money from any future plans until you know for sure.