Greetings!
Unfortuantely, my spouse and I are about to file a chapter 7 due primarily to a business loan. On our 2003 Federal and State tax returns we claimed an overpayment and choose to carry it over as we knew we would need it to cover the 2004 tax liability.
As individuals, we're considering filing a short year election (the end of our tax year would be the day before we filed the 7) as we have already calculated that the 2004 tax liability exceeds the 2003 overpayment plus any 2004 payments to the IRS.
Does anyone have any information with respect to how the Bankruptcy Court may view this? Also, are there any sources (i.e.cases) or suggestions that we may gain a little more guidance? The obvious answer would be a good attorney, however, we're unable to afford on at this time.
Thank You all very much!!
Unfortuantely, my spouse and I are about to file a chapter 7 due primarily to a business loan. On our 2003 Federal and State tax returns we claimed an overpayment and choose to carry it over as we knew we would need it to cover the 2004 tax liability.
As individuals, we're considering filing a short year election (the end of our tax year would be the day before we filed the 7) as we have already calculated that the 2004 tax liability exceeds the 2003 overpayment plus any 2004 payments to the IRS.
Does anyone have any information with respect to how the Bankruptcy Court may view this? Also, are there any sources (i.e.cases) or suggestions that we may gain a little more guidance? The obvious answer would be a good attorney, however, we're unable to afford on at this time.
Thank You all very much!!