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Federal Exempt...have ?? about tax return

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    Federal Exempt...have ?? about tax return

    Hello,

    My lawyer said that our tax return would be exempt and that we could keep it because we are filing federal exempt because of our moves over the last 3 years. However, has anyone had this experience with the trustee and questions about where it went during their 341 hearing? My lawyer stated to just keep receipts that were 400.00 or more. I'm just a little worried because it seems like they would want to know where it ALL went. My husband was laid off about 2 weeks ago so most of it is going to living expenses anyway until he finds a new job or I do (I was a stay at home mom).... Just curious. Thanks.

    #2
    We're getting a $17,000 tax refund this year (because of a loss at our business).

    We are using the Federal Exemptions also and because we have no equity in our home, we get to keep it all.

    We recently amended our schedules so not to look like we were hiding it.

    We're excited, our creditors are not.

    The trustee did not asked anything about previous or future tax refunds at our 341.

    Chapter 7 Filed - 11/27/07
    Discharged - 2/29/08
    Unsecured Debt Discharged - $162k +/- (small business, personally guaranteed)
    Finally Closed - 3/1/09

    Comment


      #3
      Originally posted by yoyoma51 View Post
      We're getting a $17,000 tax refund this year (because of a loss at our business).

      We are using the Federal Exemptions also and because we have no equity in our home, we get to keep it all.

      We recently amended our schedules so not to look like we were hiding it.

      We're excited, our creditors are not.

      The trustee did not asked anything about previous or future tax refunds at our 341.
      Have you already gotten your refund back? I don't understand why they want receipts...we're literally living off of it with the exception of buying a very much needed couch. Where are you filing? We are in FL. Thanks very much for your reply to my post.

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        #4
        Oh, I see your in Wisconsin, sorry.

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          #5
          We haven't gotten the refund yet. Should be in our bank account in about two weeks.

          When we notified our lawyer, he didn't say anything about receipts (and he has been very thorough about what to keep and what not to worry about).

          Maybe your attorney just wants to play it safe, in case there is an issue. That is my guess.

          Also, local trustee customs vary a bit (wanting to see receipts, etc.), so maybe your lawyer is also taking that into account.

          I doubt you have anything to worry about, however.

          PLEASE NOTE: I am not a lawyer. Bankruptcy may or may not be a best scenario for you. It depends on your situation. You may assume my advice is totally useless (my wife does, and she’s probably right). Talk to an experienced bankruptcy attorney (or three) in your jurisdiction for legal advice.
          Chapter 7 Filed - 11/27/07
          Discharged - 2/29/08
          Unsecured Debt Discharged - $162k +/- (small business, personally guaranteed)
          Finally Closed - 3/1/09

          Comment


            #6
            Thanks and best of luck to you. That's great that you are getting so much back!!!

            Comment


              #7
              Tax Refund

              When I filed, in TN (Chap 13), my attorney told me I could keep my tax return. He also explained that whether you could keep it or not depended upon the State you filed in, and I was lucky since I was in TN.

              The brochure the trustee hands out also states that I can keep it, but of course encourages you to use some of it to pay toward your BK.

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                #8
                Originally posted by yoyoma51 View Post
                We recently amended our schedules so not to look like we were hiding it.

                We're excited, our creditors are not.

                [/B]
                Can you please elaborate what this means? I'm not familiar with what it means to ammend a schedule?

                I'm in the same ballpark. I'm getting $11,000 and my atty said they cant touch it because i have no equity. She seemed pretty confident but i read everywhere about so many people saying theirs got taken and so many that says that they got to keep it.

                For those who got to keep it, did you have to prove how you spent it? What if you dont plan on spending it? Do you have to prove what you are going to spend it on? I lose sleep every other night because one day I'll hear good news and the next day bad. Please shed some insight...i appreciate you all.

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