Don't make the mistake we did

[broke20]

Spend your tax refund on living expenses BEFORE you file we did not and now we are paying for it refer to the post " Am I in trouble if I do this ? "

[Jackdog]

That was the first thing my attorney told me on the phone consultation yesterday. It's already spent though. Sorry to hear you didn't find out sooner.

[Faust]

What did you buy? Can you return it?

[broke20]

That was the first thing my attorney told me on the phone consultation yesterday. It's already spent though. Sorry to hear you didn't find out sooner.

God I wish our " lawyer" had said spend it ALL on living expenses BEFORE you are filed.. we didn't know we have never did a bk before YIKES where is that balloon boy lawyer

[broke20]

What did you buy? Can you return it?

LOL We are,were returning it to the trustee LOL recycled food and hair dye & tp

[Faust]

You spent $3500 on tp and hair dye? Did you keep your receipts?

[broke20]

You spent $3500 on tp and hair dye? Did you keep your receipts?

Yes we do have receipts we also paid for gas and rent and car payment and car insurance, but the way our lawyer told us today it would be up to the trustee what he wants to do with it and unemployed or employed alot of times a trustee can be money hungary because they get a percent out of an asset.

[SMinGA]

It boils down to: the check was an asset since you 'owned' it at time of filing. You have exemptions to protect assets. Its a question of whether or not you have assets remaining to protect this particular asset.

You need to be on the phone with your attorney about that, and reviewing your copy of the petition to see which assets have already been used.

[broke20]

It boils down to: the check was an asset since you 'owned' it at time of filing. You have exemptions to protect assets. Its a question of whether or not you have assets remaining to protect this particular asset.

You need to be on the phone with your attorney about that, and reviewing your copy of the petition to see which assets have already been used.

Thanks ...This is what we had thought and we told this to our lawyer and he said we had used up all of our exemptions already for our other assets. We will look again at the petition because this is a huge loss. First we were no asset and now we are an asset. I really do not see how a trustee can take a tax refund when its a overpayment of tax on your earned income. I am surprised they don't make you pay to them what you have overpaid on gas, food, houses, clothes, cars etc.

[broke20]

That was the first thing my attorney told me on the phone consultation yesterday. It's already spent though. Sorry to hear you didn't find out sooner.

I know so do we thanks

[Faust]

Thanks ...This is what we had thought and we told this to our lawyer and he said we had used up all of our exemptions already for our other assets. We will look again at the petition because this is a huge loss. First we were no asset and now we are an asset. I really do not see how a trustee can take a tax refund when its a overpayment of tax on your earned income. I am surprised they don't make you pay to them what you have overpaid on gas, food, houses, clothes, cars etc.

Everything is based on your income. Regardless of where the income goes, it's still income.

[broke20]

Everything is based on your income. Regardless of where the income goes, it's still income.

True.. but isn't your entire income has already been accounted for in the means and median test? Your gross income has at the end of a year for the median test.

[Faust]

True.. but isn't your entire income has already been accounted for in the means and median test? Your gross income has at the end of a year for the median test.

Yes, your gross income is accounted and just because part of your income goes to a tax account doesn't make them disappear. The same would be true if you put the money in savings. It's considered a kind of savings account and therefore an asset.

[broke20]

Yes, your gross income is accounted and just because part of your income goes to a tax account doesn't make them disappear. The same would be true if you put the money in savings. It's considered a kind of savings account and therefore an asset.

True .. I wonder by your date of 341 meeting did you have to give your tax refund ? Hopefully you were able to exempt it because I do not want anyone to end up like us. All the hours I worked in order to get a tax refund and I worked to me anyways for nothing. But if this is what it takes to get a discharge.. though its quite expensive with this and the attorney fee. Though I'd rather get rid of the cc's and take a poor credit rating for awhile in exchange and come out of it debt free. The price for freedom

[Faust]

Yes, our refund was exempt. I also adjusted our tax exemptions for the future. Hopefully we figured it right and will not have to pay in next year!