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

Taxes preferential pre-file???

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

  • Taxes preferential pre-file???

    If I pay a large tax debt (12k)with gift money (have not accepted yet) and then file a 13 could/would the trustee get that money back to distribute. I can't imagine the IRS giving $$ back to anyone. I know this is a question for my attorney but wanted to throw it out here first. Am I trying to be tactical or just stupid

  • #2
    Originally posted by secondtimer View Post
    If I pay a large tax debt (12k)with gift money (have not accepted yet) and then file a 13 could/would the trustee get that money back to distribute. I can't imagine the IRS giving $$ back to anyone. I know this is a question for my attorney but wanted to throw it out here first. Am I trying to be tactical or just stupid
    Yes, the trustee can claw it back. Even from the IRS. And here's the thing: The trustee doesn't give this money back to you. He divides it up pro rata among your unsecured creditors -- unsecured creditors whose debts would have otherwise been discharged. Now, once the IRS has had to cough this money up to the trustee, guess who is back on the hook for the tax debt? (Assuming the tax debt is non-dischargeable). So you'll end up paying it twice. Bad move. Don't do it.
    Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

    Comment


    • #3
      However, your tax debt in a BK 13 is a priority debt so when you file, depending upon your schedules, you may end up paying the attorney fees, the Trustee and the tax debt and actually have very little going (or none) to unsecured creditors!

      Priority: The Bankruptcy Code establishes the order in which claims are paid from the bankruptcy estate. All claims in a higher priority must be paid in full before claims with a lower priority receive anything. All claims with the same priority share pro rata. Claims are paid in this order: 1) costs of administration 2) priority claims and 3) general unsecured claims. Secured claims are paid from the proceeds of liquidating the collateral which secured the claim http://www.moranlaw.net/glossary.htm
      Filed CH 7 9/30/2008
      Discharged Jan 5, 2009! Closed Jan 18, 2009

      I am not an attorney. None of my advice is legal advice in any way..

      Comment


      • #4
        Thanks guys. I'm trying to hold off filing until either a creditor takes legal action or the taxman comes knocking. My family has offered to help out but I don't want to waste their resources on my past. We want to try and improve the future. After reading your responses and some other threads its sounds more prudent to wait until after the pain to accept any gifts and then start to rebuild.

        Comment


        • #5
          File at a time that is good for you. If you plan your BK properly, then you are more likely to have a successful result AND a much less stressful BK experience. You don't have to "wait" until you are pushed by a creditor. In fact, I would argue that the waiting and watching for the creditor is more stressful then just planning your BK and getting it completed. You will not believe the relief you feel once you file and the greater relief you have upon discharge.

          BTW, there are times it is beneficial to wait in order to plan properly: income issues, or preferential payment issues, or insider payments etc. That is a normal part of the planning process. But to wait to be pushed into BK is really a separate issue. JMO.
          Filed CH 7 9/30/2008
          Discharged Jan 5, 2009! Closed Jan 18, 2009

          I am not an attorney. None of my advice is legal advice in any way..

          Comment


          • #6
            What about current year taxes being paid when due? Is that preferential? Specifically I'm thinking of a property tax bill -- on my primary residence -- coming up next month.
            12/2009 Stopped paying CCs; 3/10 1st suit;
            8/2010 finally served; No Asset 7 filed. 11 mos since last bal xfer
            9/22/10 60 day club; 9/24/10 report of no distr; 11/23/10 DISCHARGED

            Comment


            • #7
              Paying your living expenses with your income is OK.

              Using money that was a gift or a "windfall" is where the trustee might have objections.

              At least that's my understanding.

              Comment


              • #8
                The op gets a small windfall and the first thing he/she is thinking about is paying
                off a huge tax bill, and then considering filing BK...that money can put a lot
                of food on the table...will the IRS take care of you, after you pay them?
                I am sure they would love that lump some so they can determine in which
                dept of our gov't to misuse the funds...it sounds strange that anyone would
                want to pay off a large bill, then file BK...use the money for your needs, then
                file BK some time down the road, in the future....

                Comment


                • #9
                  My tax debt is not dischargeable. It's too recent.
                  My DMI is not sufficient to pay tax debt and mortgage arrears to come current in 13.
                  I'm think I'm gonna have a to continue with taxman after the discharge(if I get there). Either a payment plan or OIC.

                  Comment

                  Unconfigured Ad Widget

                  Collapse
                  Working...
                  X