filling in end of july or Aug

[fas917]

Hi guys,

I am getting about 12k + stimulus tax return due to a big loss from rental property, store etc.

Do I have to hand this money over when I file? Can pay my car off? Well what can I do to keep the money?

I did not retain an atty yet but I am looking. Thanks.

[magyar123]

Since you are so close to filing I think paying off your car loan would be considered a "preferential" payment IF you don't make any payments to other creditors.
If you don't do anything with that money NOW, it will be calculated into your annual earnings picture.

[keepmine]

Paying off the car may well mean the car has more equity than your state allows you to exempt.
You need to put filing plans on hold until you speak with a lawyer.

[fas917]

just great, I have money now and I cannot even use it...

well I filed joint tax return and I am only filling ch. 7 so half of 12k belongs to my spouse right. So, I have 6k to worry about. Also since I will be filling in july, why would they take all my returns?

Also Do I have to count 12k in the annual earnings? If so this will put me above the median. Does it mean I have to file for chp. 13

Any idea.... great I need a lawyer fast.. any recommendation for atty in NY..