A question about timing

[teresa]

How long did it really take you to file? I would like to file in April sometime, but I don't even know if it is possible with us not even having our taxes done yet (will get started on it today.)
My husband is paid strictly on commission. He's had a few lousy months, but lo and behold, April is looking good for him, so good, that it will certainly throw off the numbers if we have to include it in the 6 month prior to filing calculations. I was hoping that we could use that money to buy a used car so we can give up one of these rigs. I learned from the credit counselor yesterday that they count the 6 months prior to the month you file BK. When I asked my attorney when the 6 month clock starts, I said, what, up until the day you file? And he said, yeah, basically. When does that time start?
thanks

[aa06a47]

How long did it really take you to file? I would like to file in April sometime, but I don't even know if it is possible with us not even having our taxes done yet (will get started on it today.)
My husband is paid strictly on commission. He's had a few lousy months, but lo and behold, April is looking good for him, so good, that it will certainly throw off the numbers if we have to include it in the 6 month prior to filing calculations. I was hoping that we could use that money to buy a used car so we can give up one of these rigs. I learned from the credit counselor yesterday that they count the 6 months prior to the month you file BK. When I asked my attorney when the 6 month clock starts, I said, what, up until the day you file? And he said, yeah, basically. When does that time start?
thanks

Generally, I do not think it takes very long once you pay your lawyer. Most people have a little time to plan there bk.

1) Wait as long as possible between last purchase (at least 90 days if you had any large luxury goods purchases, or 70 days for cash advances over $500). Reason being, any time less than that, they will not be discharged in BK.
2) Don't file until you get your tax refund and spend it.

If you file in April, they will take the 6 months prior income. (10/1-3/31) and average that out. If April is going to be a very good month for income, you may chose to file before the end of April so it isn't included in the means test.

Don't feel guilty about "planning" your bk date. Most good bk lawyers will tell you that. Even the attorney I consulted with that only wanted to spend the time talking about a timeline and how much to pay him told me to wait and spend my tax refund before coming back to see him.

Also, my thoughts are wait as long as possible without waiting too long. No need in my opinion to get a bunch of lawsuits filed against you before doing it. If you going to do it, just do it. Most will probably be in a chapter 13 anyway, so why wait to get the 60 months going. Get it over with ehe!!!

My opinion differs from some on the board, especially on the wait issue. I'm filing in April, probably a little early to some folks due to my gambling / cash advance history. (though I have gotten past the 90 days).

[13inOR]

We decided to file when our mortage company demanded no less then the
payments in full that we had fallen behind on.
We literally bought a NOLO book one week, read it cover to cover, made an appt with an attorney the following Monday, went to our appt the next day, and filed before we ever left her office.
We knew this was our only solution and losing our home was not an option for us. We didnt have to worry about how our income looked because for one, it was always exactly the same month to month, and we knew going into it that Chapter 7 would not be possible.
We chose this attorney because she came highly recommended and we have been very pleased with her from the start, and throughout our whole process.
So thats our story, in a nutshell. It seems everyones case is different, but it can go very quickly if you decide to do it, are ready to do it, and have the filing fee.
Here is our timeline:
Consult and Filed on July 29, 2004
341 Meeting: Sept 10, 2004
Confirmed: Nov 18, 2004
and as a side point, paid off early on 2/28/06, still waiting for final audit, closing, and discharge. : (

[SinkingFast]

I have new info. Learned it last week. At least this is what the Court here is doing.

If you're filing a Ch7, you only need 2 years' income tax returns, and your personal copy will do for the Trustee.

If you're filing a Ch 13, you have to have all 4 years' income tax returns, and you must provide the Court with and official IRS transcript. Your own personal copies will not do for Ch 13 with the Trustee here. Your attny provides you with the contact info, and you must contact the IRS yourself to arrange for the transcript to be sent. I think the transcript has to go directly to the Court too. Maybe the Trustee. Didn't get that part straight as we are looking at being a 7 anyway.

Everything I'd read said you needed 4 years income taxes regardless. Guess they are getting kinks worked outa the new system.

[teresa]

Oh great. Just did our taxes for 03-05 today. I planned on sending Hubby to the IRS office to get "certified" copies tomorrow. Transcipts? What are transcipts?
Amazing the hoops we have to jump through.
Thanks for the information.

[SinkingFast]

In the old days, if you needed a copy of your income tax returns, that's what you got. You'd place your order and a couple months later you'd get paper copies of what you had filed. Not very good copies. Looked like they'd been reproduced off microfilm.

I guess now it's gone electronic. I don't exactly know what the transcripts are, but the attny has you contact the IRS to request them. Evidently it's whatever info you gave when you actually filed the taxes. Maybe not reproduced in exactly the paper filed format??!!

[aa06a47]

Here is the web site to download the documents to get the transcripts.

http://www.irs.gov/faqs/faq1-6.html

[SinkingFast]

Is it actually gonna take up to 60 days to get the transcripts?? Do you really have to fill out that form?? The one attny's paralegal said they would give us a phone number to call. That the IRS would request info that only we should know, and the transcripts would be sent fairly quickly.

This is all confusing.

[aa06a47]

Is it actually gonna take up to 60 days to get the transcripts?? Do you really have to fill out that form?? The one attny's paralegal said they would give us a phone number to call. That the IRS would request info that only we should know, and the transcripts would be sent fairly quickly.

This is all confusing.

The number to call is also on that link. According to them, transcripts take 10 days to receive. The actual copy of a return cost a zillion dollars and takes substantially longer. All I have heard, is that they want the transcripts (I think to make sure you actually filed the returns). Here is the information:

The transcript can be ordered by completing a Form 4506-T (PDF) or calling (800) 829-1040 and following the prompts in the recorded message. There is no charge for the transcript and you should receive it in 10 business days from the time we receive your request. Tax return transcripts are generally available for the current and past three years. If you need a statement of your tax account which shows changes that you or the IRS made after the original return was filed, you must request a "Tax Account Transcript". This transcript shows basic data including marital status, type of return filed, adjusted gross income, taxable income, payments and adjustments made on your account. Tax return and account transcripts are generally available for the current and past 3 years.

[given2fly]

If you're filing a Ch 13, you have to have all 4 years' income tax returns, and you must provide the Court with and official IRS transcript. Your own personal copies will not do for Ch 13 with the Trustee here. Your attny provides you with the contact info, and you must contact the IRS yourself to arrange for the transcript to be sent. I think the transcript has to go directly to the Court too. Maybe the Trustee. Didn't get that part straight as we are looking at being a 7 anyway.

Everything I'd read said you needed 4 years income taxes regardless. Guess they are getting kinks worked outa the new system.

I can't find all my W2's for the past four years, will the transcript be good enough?