Finally am finishing up my tax return, and I'm shocked that we are getting a refund. I fully expected to be paying this year since we didn't have mortgage interest expenses to be writing off. On our forms when we filed, my attorney listed the balance of what was left for exempt assets on our schedules as our 2010 Income Tax Refund. That figure was roughly about $4500. I told the trustee in the 341 that I really didn't expect a refund anywhere near that and that we would probably actually have to pay. She said that was fine and has "abandoned all assets" later that day. She never asked for copies of our 2010 Tax Return, and I asked my attorney then if we needed to send them in when she finished. She said no and that the trustee would have asked for them if she wanted them. Fast forward to now -- looks like we are actually going to be getting about a $3000 return. Do I need to notify my attorney? Had I not said anything - it still would have been an exempt asset since the amount is less than what we still had left allowed - but just wondering if I could get in trouble somewhere down the road since I said I was not expecting a refund at all. Should I at least notify my attorney - who I know has long since forgotten the scenario - or just let it go and not worry about it. 60-day discharge is Monday. Is it worth worrying about at this point?
-
04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home.
12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 - 
-
I think you are good. It would have been exempt anyway. Let's see what the others say. -
That was I was thinking but didn't want to screw up now!
04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 - Comment
-
Make sure its exempt talk to your attorney,let them no the amountComment
-
I'm confused....you listed the refund on your schedules at $4500 right? If so, than the $3,000 should be exempt funds and it's yours. I wouldn't worry too much about the 341...had the tax breaks not been extended you wouldn't have received such a large refund...you had no way to know.
Comment
-
It was listed on the schedules. Just worried about my statement during the 341 that we actually weren't expecting a refund at all.04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 - Comment
-
I wouldn't worry about the statement. At that time you told the truth as you knew it.Comment
-
I wouldn't worry about it. You had it listed, you said you didn't expect to get much of a refund (you didn't state that you would most definitely not get one). If it were ME, I'd wait until the 60 days had passed before filing your taxes, since you're already so close.Standard disclaimer: I'm not a lawyer. I am an idiot. Do not take my advice. I am not responsible for what happens if you blindly follow an idiot's advice. Blah blah and more legal stuff.Comment
-
YAHOO!!!
Tax refund is ALL mine to keep!!! This has been a great day all the way around!! Discharged and Closed!! "Yep, you keep your entire tax refund!!" Haven't had a day chocked full of this much good news in a LONG time!!! 
04/01/10 - Hit rock bottom and knew we were going to have to file for bankruptcy and surrender our home. 12/14/10 - Filed Chapter 7, 02/09/11 - 341 Hearing, 04/14/11 - Comment
-
Congrats !Comment
-
Congrats! Unfortunately we found out we were going to be getting more than we thought and the amount was over the $6k exemption Alabama allows, so we got to write the trustee a nice little check and our case went from no-asset to asset.
Glad you had a much better outcome than we did!Comment
Comment