Tax Question Please help

[TwIsTa]

i dunno if i put this in the right forum if not im very sorry im just a little worried cant find my answer hope someone can help me. I havent filed bankruptcy yet ive put about half down but none of my creditors know about it i havent been sued or nothing yet thier just calling all the time got a couple sent to collections. and trying to work things out. Im filing my taxes tommorrow im gonna get alot back prob over 2500-3000. Can any of the creditors or colletion ppl take any of my tax refund? i havent filed yet. any help would be great im freaking out hopefully over nothing.

[TwIsTa]

any help would be great

[bkfiler]

not if you are not already sued. you have to be sued first then they can try to take your assests.

unless you owe the IRS already and then they can keep it. but sounds like you dont owe them.

one thing you should consider is figuring out if you can expempt that money on your BK peition. its based on state. figure that out and make sure you can keep it once you go to file your bk peitition.

if you cant then consider buying whole life insurance. you can cash it out as an investment later after the bk is done if you dont want it anylonger. talk to your attorney about that though.

[FilingOnMyOwn]

If you are due a refund, you don't have to file for up to 3 years. You could file chapter 7, be discharged and closed, and file after the fact and still get your refund. I don't know that the trustee can actually force you to file or if they consider it assets.

[StaciMM]

With the new BK laws, you must be current on your tax filings.

BUT... The assets you own/have at the time of filing is what is important. I imagine you're planning to use part of that refund to finish paying your attorney to file your BK case? Before you do, discuss w/ your attorney whether or not you can exempt any cash. If you CAN, and you don't need it for something else, it would be good to have a small 'rainy day' fund. If you can't exempt it, though, you'll want to spend it wisely before filing. Keep receipts, and use it for reasonable things. Airfaire to the SuperBowl-not wise. Catching up on rent & utilities or other needed items would be ok.

[StaciMM]

I DISAGREE! If you are due a refund, it is part of the BK estate. Even if you don't have the cash in hand, it is still an asset. If you can't exempt it-you'll have no way to save it. A refund check, on the other hand, could be spent before filing.

If you are due a refund, you don't have to file for up to 3 years. You could file chapter 7, be discharged and closed, and file after the fact and still get your refund. I don't know that the trustee can actually force you to file or if they consider it assets.

[bkfiler]

If you are due a refund, you don't have to file for up to 3 years. You could file chapter 7, be discharged and closed, and file after the fact and still get your refund. I don't know that the trustee can actually force you to file or if they consider it assets.

well it is true that you dont have to file if they owe you. and that if you dont file after 3 years you lose the money and they do not have to pay you back.

but the trustee can force you to file or get the irs to file for you if he wants. he works for the federal government. and besides, he can sit on your case and keep it open for 3 years then if he want to lol.

all he would have to do is motion the court to find you in bad faith and dismiss your bk case imo. adn this will happen if you go in front of a judge and tell him 'im not going to file yet'.