Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Taxes and Tax attributes

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  • Taxes and Tax attributes

    I owned two businesses (one LLC - sole member) and one s-corp (sole officer). Both businesses failed simultaneously and I filed personal no asset Chapter 7 in 12/2009. Businesses were underwater in debt. I was personally underwater in debt. Received discharge in early 3/2010. Case still open.

    My businesses hold significant losses which I believe were tax attributes to me, now the trustee. The trustee has not acted at all, or filed a return for the estate. I am not sure he is aware of these attributes. How can I get the Trustee to close this case, so that these attributes will return back to me?

    I have not filed my 2009 return (extension), and am not sure what to even represent on this return. If all the assets (nothing other than these attributes) are in the hands of the trustee, does my return only reflect the income I received from the new job I got late in 2009?
    Ant help regarding attribute, loss carrybacks/carryforwards of tax filing would be helpful!

  • #2
    First question, "why" is the case still open?

    Is your case an asset case? However, your instinct is right, so long as the case is open, if you were to file the return, you risk the attributes. However, keep in mind, those attributes are part of your BK estate. If there is a "reason" why the case is still open, there is no way to force the trustee to close it.

    However, if the trustee has filed a no asset report, then call the court clerk and ask why the case is still open. If there is no reason, they will usually close it within 24 hourse.


    • #3
      Firstly, thanks for the swift reply, HHM!

      While the case was discharged in early 3/2010, I do not believe the trustee has declared it a "no asset" case. Is this a separate document from the discharge letter, or noted on the discharge letter? Can I find this on PACER?

      I've been told by my bk atty, that this trustee keeps files open for extended periods, sometimes based upon the debtor's zip code, business situation, checking acct activity, etc. with thoughts that there are assets to go after.

      This trustee was not pleased at my 341 hearing that I had traded in two vehicles (about 45 days before filing) worth about 25k total (exemption $ 4800 total) into two fully paid leases on two new cars. I needed to secure transportation for myself and wife to get to work. My atty was aware of this transaction and has stated to me that while the trustee might not be happy, it is unlikely he'll do anything about it. I can only assume this might be one reason he is keeping case open.

      The trustee has my tax returns from 2006-2008 and all bank statements from 2006-2009 filing date. There were no creditor objections at or after the 341 hearing, and the trustee did not seem to object, and I was discharged.

      I do not know, as the trustee has not requested balance sheets for my companies, if the trustee is aware of these tax attributes, or he would know what to do with them. Tax returns alone do not describe these attributes.

      Furthermore, my home is in foreclosure, but I have been trying to work something out with the bank. I offered a deed-in-lieu with a rent back provision, but was told my house had to be for sale for a period of time, before they would consider it. Since the bk case is still open, I can't "sell" the house, correct. This asset, while upside down, is part of the estate right?

      Quite a mess. Just would like to get this closed.


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