timing the filing... and next years tax refund

[Tom_Mi]

This looks like a 4month process.

I had a bonus in the spring I'd like to age a bit..how do I time the filing to protect the tax refund I'll likely receive in Feb or Mar?

At what point in the process:
filing --->> 341 --->> discharge

is the trustee able to take it?

[momof5]

If you want to save next years refund then you need to file after you receive your refund and have it spent.
There may be some ways to exempt it but that all depends on your state,amount,etc,

[Help!]

I'd file BK 6 months after the bonus. Hypothetically, if you received the bonus in April, filed November 1 using the six month period May 1 through October 31 on the means test, your Ch. 7 could be discharged by mid-February (or mid-March if your 341 hearing was continued). That would give you plenty of time to file your 2008 income taxes ahead of the April deadline and to get your refund *safely* after discharge.

[Tom_Mi]

ok, so if I file ahead of it, I must be discharged by when?

Jan1?

Receipt of check in March?

[Help!]

To clarify... I recommended filing for BK 6 months after the bonus, filing income taxes *after* your discharge to be safe. It was clear in my mind but I didn't explain what I was thinking very well.

[Priceless ProSe]

This looks like a 4month process.

I had a bonus in the spring I'd like to age a bit..how do I time the filing to protect the tax refund I'll likely receive in Feb or Mar?

At what point in the process:
filing --->> 341 --->> discharge

is the trustee able to take it?

Why not just change your withholding so you dont get a refund next year? Tax refunds dont really make sense in the first place, its like an interest free loan your giving to the government. If you do this you wont have to worry about when you file, right? Im no BK pro but the other thing to consider would be, do the taxes you pay out of your check help you pass the maens test?
I have no idea because im not fimiliar with the means test, but if not, I dont see why you shouldnt just change your withholdings and use the money for something else now. Perhaps pay off a car you plan on exempting?

[keepmine]

The end of the 3rd quater and into the 4th quarter, is the time of year when many trustees will go after a refund .
In some states, you may have enough exemptions to cover it. But, delaying filing your taxes until after the bk is discharged won't work. The trustee will see it as property of the bk estate. The bk will be discharged but, not closed until the refund is turned over. If you don't turn it over, the trustee has the authority to revoke the discharge and dismiss the case.
The best bet is, talk with a lawyer and out how your district handles these issues.

[justplaintired]

The end of the 3rd quater and into the 4th quarter, is the time of year when many trustees will go after a refund .
In some states, you may have enough exemptions to cover it. But, delaying filing your taxes until after the bk is discharged won't work. The trustee will see it as property of the bk estate. The bk will be discharged but, not closed until the refund is turned over. If you don't turn it over, the trustee has the authority to revoke the discharge and dismiss the case.
The best bet is, talk with a lawyer and out how your district handles these issues.

I agree speak with an attorney now. I don't know if you have yet, but it would be a wise move to. Alot of this depends on what Chapter you're filing. Alot also depends on what you are allowed to exempt in your state. Also, alot depends on what kind of refund you're talking about.

[Priceless ProSe]

I still dont know why anyone who knew they were filing so far in advance would even set themselves up to get a refund, unless withholdings help them to pass some kind of means test. I would just change my number of exemptions/withjoldings at the job.