Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Spending Refund

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  • Spending Refund

    As I was too sick to deal with it, I'm getting an unusually large tax refund from AZ and the IRS.

    I don't have a house or kids, so can I safely spend the funds on paying off my current doctors (over $600), buying needed software for my future book writing, getting myself current in my profession (through training courses), paying my car insurance, COBRA Health Insurance, and other insurance premiums in advance, and paying the dentist in advance? I can't get dental treatment until the jaw surgeon okays it, which has been no DDS for over a year now-I know I have cavities. Or do I need signed treatment plans? Would the current doctor bill be considered an unsecured creditor? IOW, can I convert payment plans to paid in full until renewal plans? Should I switch to an auto insurance company that sells yearly plans? Can I make larger than normal payments on secured debt -car and phone?

    Oh, and can I pay off my 401k loan or is that considered a retirement deposit?
    Last edited by Maria80386; 02-08-2018, 06:37 PM.

  • #2
    Sorry for asking all these questions, but I'm waiting for the IRS to send tax transcripts so I know where I stand and can ask the legal eagles the game plan questions before retaining someone. Why prepare for a tax problem when there is not one?


    • #3
      I would consult with an attorney before paying anything in advance. Paying something in advance may result in a credit balance that is an asset that the trustee can take if you can't exempt it. However, insurance may not be an issue as long as it is not shown on your account as a credit balance. If you have purchased the policy and can't get the money back, then I think you are okay. But, paying the dentist for care you have not yet received may be an issue because you could probably get that money back if you don't get treatment. I could be over thinking this, so please ask a bankruptcy attorney.

      If within 90 days of filing BK you pay a doctor over $600 for services already provided, it is possible the trustee will try to get that money back from the doctor as a preference payment. The doctor may be able to defend the attempt by saying you made the payment in the ordinary course of business. But, if you change from a payment plan to paying in full, that may defeat an ordinary course of business defense. But, if the doctor will not provide further care until you pay in full, the payment could be considered a contemporaneous exchange. As long as you disclose payments as required on your Statement of Financial Affairs, the issue would be between the trustee and the doctor and not affect your discharge. If you are concerned, please discuss this with a bankruptcy attorney. I have no actual experience with this and am only giving you information based on what I think I know about the law.

      It sounds like you should file your taxes and get those refunds asap and then get the dental care you need before you file BK.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


      • #4
        I missed the 401k loan question. Definitely ask an attorney about that one. There is case law about the means test saying that paying a 401k loan is paying yourself and therefore is not a valid expense deduction on the means test. I'm not sure how that ruling could be applied to using non-exempt assets to pay a 401k loan on the eve of BK. Can a debtor make a voidable transfer to herself? I don't know.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


        • #5
          Taxes filed! Now the long wait for the seems someone already tried to access my account so I could not efile. I'm still waiting for my business' tax transcripts, then I'll takethe whole mess plus what I've done so far, abd see if anyone out here can handle business, taxes, student loans, and intellectual property in a bankruptcy case.


          • #6
            Apparently, 9th Circuit Court says that retirement contributions are exempt, even if made the day before filing. Any case law to support this? My Google-fu is lacking today.


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