So, its in my plan that the trustee will get all tax refunds. I assume its because its income. no problem. I've read on the forum that any extra money I get such as contests winnings or inheritance money must also be given to the trustee. My question is this...if other trustees in other states allow you to keep your tax refund, why must winnings from contests and inheritance be given? Isn't it all income?
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BK law/interpretation/practice varies widely from state to state, district to district, and even trustee to trustee.
So it goes.
Keep On Smilin' -
There are factors to consider like your percentage of payback to creditors. If your plan is less than 100% then you will likely have to sign your refund over to the trustee.11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JPComment
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Our atty factored a certain amount of our income tax refund into our budget so we get to keep a portion of it. If our refund is over that amount that is being exempted, we have to turn it over to the trustee. The difference is that contest winnings and inheritance money is not something you count on or factor into your budget per the plan so it is disposable income and belongs to your creditors.Originally posted by sunshynny View Post
The BajanFiled Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
Anticipated freedom party Apr 2015
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