Tax refund arrives after filing

[BrokeCND]

I filed my 2012 taxes a few weeks ago, and filed the BK on 4/30. The refund is scheduled to be sent on 5/8. Do I need to turn that over to the trustee, even though I filed the taxes before the BK? I'm in MD, btw.

Thanks!

[mylife]

Welcome...I'm in MD as well. My thoughts are that you must only surrender your taxes for the income you earned while on the bankruptcy. For example, we filed in Jan '11 and kept our returns that year because it was based on income from '10 which is prior to filing. So, I believe you can keep it. Others will chime in.

[LadyInTheRed]

Your refund should have been listed as an aset on your BK schedules and exempted if possilble. If it isn't exempt, then your plan would have to pay to unsecured creditors at least the amount of the refund. If the refund was not listed as an asset, let your attorney know about it.

[dmc-2008]

I filed in Oct 2012 and had to turn those refunds over in April 2013 :-(

[BrokeCND]

Your refund should have been listed as an aset on your BK schedules and exempted if possilble. If it isn't exempt, then your plan would have to pay to unsecured creditors at least the amount of the refund. If the refund was not listed as an asset, let your attorney know about it.

But how could it be listed as an asset when I didn't have it yet??

[LadyInTheRed]

But how could it be listed as an asset when I didn't have it yet??

On the date you filed BK, you had a right to a refund, therefore it was an asset. When you receive it is irrelevant. Trustees keep Chapter 7 cases open for years waiting to receive assets that debtors had a right to on the date of filing, but would not receive until a future date.