Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Schedule E Question - Chapter 7

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

  • Schedule E Question - Chapter 7

    If you know you will be owing taxes in 2011 but have not done them yet, would you check the "Taxes and other debts" Box and estimate the amount owed?
    I know I will be owing which is why I am in no hurry to do them...

    Any feedback would be much appreciated

  • #2
    Originally posted by HRoark0717 View Post
    If you know you will be owing taxes in 2011 but have not done them yet, would you check the "Taxes and other debts" Box and estimate the amount owed?
    No, why would you do that? Taxes are those assessed.

    Originally posted by HRoark0717 View Post
    I know I will be owing which is why I am in no hurry to do them...
    Or, did you mean that you will owe based on your 2010 Tax Year and will need to pay in 2011? (That's a different question.) Generally speaking, the inclusion of taxes due on this form (including past due taxes), is used when calculating your disposable monthly income (DMI), since priority debt (which taxes usually are) must be paid during the course of a Chapter 13. (It's part of something known as the hypothetical Chapter 13. The means test actually is designed to see how much you could afford to pay in a "hypothetical" Chapter 13.)

    Actually, you MUST file your 2010 Tax Return before your 341 Meeting and amend this form anyhow. You can't have any unfiled tax returns for any years preceding the filing of your petition.

    So, long story, short version... you need to file your 2010 Tax Return.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Originally posted by justbroke View Post
      No, why would you do that? Taxes are those assessed.

      Or, did you mean that you will owe based on your 2010 Tax Year and will need to pay in 2011? (That's a different question.) Generally speaking, the inclusion of taxes due on this form (including past due taxes), is used when calculating your disposable monthly income (DMI), since priority debt (which taxes usually are) must be paid during the course of a Chapter 13. (It's part of something known as the hypothetical Chapter 13. The means test actually is designed to see how much you could afford to pay in a "hypothetical" Chapter 13.)

      Actually, you MUST file your 2010 Tax Return before your 341 Meeting and amend this form anyhow. You can't have any unfiled tax returns for any years preceding the filing of your petition.

      So, long story, short version... you need to file your 2010 Tax Return.
      Yes, I will owe based on my 2010 tax year and will need to pay in 2011. The reason I now that is with my unemployments forms there is the box to check whenever you want taxes taken out. I checked that box only a couple of times in 2010.

      You were referring to Chapter 13 above, does your answers apply to Chapter 7 too? Do I have to file the 2010 tax return? My hope was to file my taxes this year near the April 15th deadline because I will owe money.

      Comment


      • #4
        Yes, a "hypothetical" Chapter 13 may be used to determine if you can afford a Chapter 13, although you filed Chapter 7. For the most part, if you are over the median and filing Chapter 7, the majority of Form B22A (means test) is like the Chapter 13 Means Test.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Not true on the 2010 taxes because they are not required to be filed until April 15, so if you file before that date then you do not need to complete them. The trustee will ask if you expect a refund and you can let them know that you will owe
          Disclaimer: I am not an actor on TV, but I play a BK Paralegal in real life. Nothing I say should be construed as legal advice, or really anything but entertainment. Please seek out professional help.

          Comment


          • #6
            Originally posted by BKParalegal View Post
            Not true on the 2010 taxes because they are not required to be filed until April 15, so if you file before that date then you do not need to complete them. The trustee will ask if you expect a refund and you can let them know that you will owe
            If I expect to owe, do I then check the box and add an estimated amount in Schedule E or tell the trustee in person or with an informal letter attached?

            Comment


            • #7
              Originally posted by BKParalegal View Post
              Not true on the 2010 taxes because they are not required to be filed until April 15, so if you file before that date then you do not need to complete them. The trustee will ask if you expect a refund and you can let them know that you will owe
              I agree, but the poster didn't indicate a date that they were filing, so I had to use the most restrictive language.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                Thanks justbroke and BKparalegal!! ...your input is invaluable.

                I am planning to file during the week of March 7th. I am debating on doing my taxes before or just informing the trustee that I will owe on my 2010 taxes.

                I read in the NOLO bok that one of the requirements when filing is to show your most recent tax return. If I don't do my 2010 taxes then I guess I will need to show my 2009 tax return and I'm not sure I want to show that...my finances were much different then.

                Comment


                • #9
                  Do not be surprised that the Trustee, before or at your 341 Meeting, asks that you file your 2010 tax return.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    Originally posted by justbroke View Post
                    Do not be surprised that the Trustee, before or at your 341 Meeting, asks that you file your 2010 tax return.
                    Yeah, could see that happening justbroke and then have to deal with that. I am going to finish my 2010 taxes...it will be one less thing to handle later.

                    I could show the Trustee my completed 2010 tax forms which will show I owe, and then hold on to it until the 18th of April to mail.

                    Comment

                    Unconfigured Ad Widget

                    Collapse
                    Working...
                    X