I have a couple of questions that maybe someone might be able to help me with.
My first concern is regarding taxes and bankruptcy. I am filing for Chapter 7 and want to know if I receive a discharge, will all of the discharged debt (around $48,000) be considered income by the IRS and would I expect to have to pay taxes on that??
Second, I received a request from my attorney for my bank statement as of the day I filed which was 9/20. I sent a printout from bank of america online, but it didn't show my name hence that wouldn't work. My account statement cycle just ended yesterday, so my September statement is available online and it does show my balances (checking acct and savings acct) for 9/20, but also everything after that--including direct deposit from my paycheck on 9/21. My balances as of 9/20 were $3.25 in my checking and $3.47 in my savings, so clearly not a lot, but when I got paid on Friday, I transferred some money to my brokerage account and paid my student loan payment. I included my brokerage account statement with my filing papers for my attorney, so the trustee will know about that account, but what I want to know is, since I filed on 9/20, will they raise an eyebrow to a $100 transfer to the brokerage account that posted on 9/24 even though that was done after the date of filing? I live in Oregon and will be using Oregon's exemptions, and on the date of filing, my brokerage account was only worth $220. $200 of that is exempt, and my attorney said that the trustee will most likely not even bother with the additional $20, but as of 9/26, on the statement, it is worth $354. I know it's not a lot of money, but I just want to know if they will try to go after that money even though I earned it AFTER I filed my petition. Other than my brokerage account, I have no other assets. I don't own a car, home--nothing, so that brokerage account is pretty much my only "nest egg" to fall back on in an emergency. Please give your input.
My first concern is regarding taxes and bankruptcy. I am filing for Chapter 7 and want to know if I receive a discharge, will all of the discharged debt (around $48,000) be considered income by the IRS and would I expect to have to pay taxes on that??
Second, I received a request from my attorney for my bank statement as of the day I filed which was 9/20. I sent a printout from bank of america online, but it didn't show my name hence that wouldn't work. My account statement cycle just ended yesterday, so my September statement is available online and it does show my balances (checking acct and savings acct) for 9/20, but also everything after that--including direct deposit from my paycheck on 9/21. My balances as of 9/20 were $3.25 in my checking and $3.47 in my savings, so clearly not a lot, but when I got paid on Friday, I transferred some money to my brokerage account and paid my student loan payment. I included my brokerage account statement with my filing papers for my attorney, so the trustee will know about that account, but what I want to know is, since I filed on 9/20, will they raise an eyebrow to a $100 transfer to the brokerage account that posted on 9/24 even though that was done after the date of filing? I live in Oregon and will be using Oregon's exemptions, and on the date of filing, my brokerage account was only worth $220. $200 of that is exempt, and my attorney said that the trustee will most likely not even bother with the additional $20, but as of 9/26, on the statement, it is worth $354. I know it's not a lot of money, but I just want to know if they will try to go after that money even though I earned it AFTER I filed my petition. Other than my brokerage account, I have no other assets. I don't own a car, home--nothing, so that brokerage account is pretty much my only "nest egg" to fall back on in an emergency. Please give your input.
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