Income Tax Refund
I Recently Filed Chp 7 And My Meeting Of The Creditors Is Dec.22nd 2005 No I Did It Pro-se( Myself). I Was Told By A Atty That I Had Net With Before Filing For Myself That The Courts Would Not Take My Income Tax Refund, And That They Couldnt Take My Eic Which Is The Bulk Of My Expected Refund In 06. A Friend F Mine Said Her Atty Told Het They Will Take All Of It. Is There Some Kind Of Guidline They Have To Follow? Are They Going To Take My Refund Even If I Receive It After I Am Discharged? I Live In Ohio
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The trustee may ask for a % of income tax refund (% to cover Jan 1 to your file date) but not EIC. So if you paid in $800 in taxes, get all of that back plus EIC, and fiiled on 9/30, the trustee could ask for 75% of the $800=$600. (Unless you have an exemption to cover it.)Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
Income Tax Question
While we're on the subject...
My trustee never said one word about taking my tax refund and yesterday Pacer was updated to show the trusee found no assets. Does this mean my refund will be free and clear or can he still take it?
Thanks!
BizeeComment
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That's a pretty good assumption. Generally, the trustee says something at the 341. Technically, its possible for him to change his mind but that isn't too likely if he has already signed off.
Originally posted by BizeeparntsMost of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Our case is the same way. Our trustee didn't' ask for our either, and he has ruled us no assetOriginally posted by Bizeeparnts
. Of course ANYTHING can happen the 60 days after the 341
. We are keeping our fingers crossed!! Our lawyer said if he asks for it we still have exemption left and we can amend our petition
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good luck,
pink_amuletComment
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I think it's up to the Trustee. I had my mtg on Nov 18, and he did not ask about my 2006 refund or tell me to turn in my check. But, mind you, I am having to fork over just under $2400, as I had not spent my tax refund check which I had deposited 2 weeks prior to filing. So, I figure he was soft on me with that, however, I didn't hear him ask anyone else for it either although I only witnessed 2-3 cases before mine. He also didn't haggle over my car value which he could have and my attorney was surprised about that. I submitted estimates for repairs "which would affect the value of the car" (paid for).
If you spent your 2005 tax refund already, then it's safe, but the 2006 tax refund could be up for grabs or rather a percentage of it as stated. My attorney told me that since he didn't mention it at the 341, then it is highly unlikely, even though the case is still open, that he will ask for it later.Comment
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My 341 was a few weeks ago - trustee told us to send in our tax documents as soon as we filed and not to cash the check until we heard from her....she definitely is taking ours - made it sound like if it wasn't over $1000 it wasn't worth it (also said if she takes the tax refund she will be "required by law" to take the money that was in our checking account the day of filing)- we changed our deductions mmediately so there wouldn't be as much of a tax refund as in the past--a week or so later we got a letter from the bankruptcy judge approving her stipulation to our bankruptcy.Comment
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