how long to wait to file after tax refund?

[helpsoneeded]

Is there a certain amount of time that i should wait until we file. We are planning for Aug 1st. We did get a refund for 3000 and getting a rebate check for 1800, but dont want to lose it. If we spend it, would that be a problem. Some would be for everyday things, but like to use it for some fun things too. By time August comes around it would be 4 to 5 months since getting tax refund. We did not retain an attorney yet, but did talk to one. thanks

[justplaintired]

Best bet is to spend it wisely, keep receipts. This is the advice I have seen mostly on here. We are doing the same thing. We used our refund to pay our attorney in full back in Feb. We are now waiting on the stimulus, it is do to be mailed on the 16th. We will spend it and keep all our receipts, this is what our attorney's paralegal suggested. Good luck.

[laurannm]

Any sense from your lawyers on whether or not you tax refund and/or stimulus would be considered income on your 6-month look back?

[upsman4767]

Any sense from your lawyers on whether or not you tax refund and/or stimulus would be considered income on your 6-month look back?

It was when we filed a year ago. Our refund last year went to pay back taxes, so it wasn't an issue. We kept this years.

[laurannm]

Interesting...so when filing your Ch 13 forms (schedules, 22C) your tax refund was one of the income sources used to determine your plan payment? I figured it wouldn't be since you are already listing your gross income and not your net

[justplaintired]

http://www.bkforum.com/showthread.php?t=23733&highlight=tax+refund+income

I found this in another thread regarding tax refunds, I am assuming that the stimulus will be considered the same. Afterall, we won't be getting stimulus checks every year, so how can it count as income?

[laurannm]

I hope so

Wow this stuff is so nerve racking.....At this point I don't even care if we get a Ch 7 or Ch 13, I just want to get the process going

[justplaintired]

I hope so

Wow this stuff is so nerve racking.....At this point I don't even care if we get a Ch 7 or Ch 13, I just want to get the process going

Yeah me too, but I don't want to give them this check, so now we wait,

[xcracer522]

I would suggest you hang on to the money until after you file. Wait and see what the court says. I initially filed a chapter 7 and was converted to a 13. I filed for the 7 in April of 05 under the old rules. I received my tax refund in February and used the money to pay my in-laws back on $3,000 we had borrowed from them for an oral surgery my wife needed (was not covered by my insurance). When I went to court the chapt.7 trustee asked for the moeny (all of it). When I told him that I used it to pay a $3,000 dollar debt to my in-laws he told me the money should have gone to my creditors first before paying my in laws back and said that if I didn't produce the money for him that he would take them to court and sue them for it ( I even had the medical bills to prove the debt - he didn't care). So needless to say I borrowed the money back from them and paid the trustee and immediately converted to a 13 becuse I made too much money and he wasn't going to approve the 7 any way. I wouldn't recommend spending the money it could haunt you later!!