what if you file before you file your tax

[almost]

What if you file BK before you do you taxes. Will the trustee ask to see what the out come will be. I think we might owe a little this year so I was going to wait and maybe do an extention. Wait util after the BK 341 meating.

[butterflywings]

What if you file BK before you do you taxes. Will the trustee ask to see what the out come will be. I think we might owe a little this year so I was going to wait and maybe do an extention. Wait util after the BK 341 meating.

If you file your taxes before you file BK, then you are required to show this tax return as well as the last year's.

If you file BK before filing taxes, then the trustee will take your last two tax returns, but may then request to see this current tax return later on. You will get a letter if they want to see it. Although he will be able to pretty much tell by your income and exemptions if you are due a refund.

[almost]

Thanks Butterflywings

[northsalem12]

Need advice. This is tough. Can I file a chapter 11 bankruptcy listing an apt I am currently renting for 8 months as my main residence. Will my only owned asset, a single family house, be considered a secondary residence? Chapter 11 is necessary as I am above 1010,650 in secured assets. I would like to cram down the first and second mortage on the only property I own.

[HHM]

Need advice. This is tough. Can I file a chapter 11 bankruptcy listing an apt I am currently renting for 8 months as my main residence. Will my only owned asset, a single family house, be considered a secondary residence? Chapter 11 is necessary as I am above 1010,650 in secured assets. I would like to cram down the first and second mortage on the only property I own.

You should get a second opinion. It is still possible to file a chapter 13 and be over the debt limits. And don't think for a second you can do a chapter 11 pro se. As to your question, the unfortunate answer is this: whether you can cram down the home will depend on whether you initially borrowed the money and stated the homes was your "primary residence". If the mortgage docs say you purchased the home as "primary residence", no first mortgage cram down. You can strip the second assuming there is no value that attaches to the 2nd, i.e. the home is worth less than what is owed on the first mortgage.

Honestly, most cases where the debtor exceeds secured debt limits for chapter 13 end up being chapter 7's, not chapter 11's.

To the OP's question, just file your taxes, in fact, if you are going to owe, it is preferable to file taxes before you file BK because then you claim the expense.

[northsalem12]

northsalem12

How is it possible to still file a chap 13 pre-cram down legislation?

[Ifonly]

What if you file BK before you do you taxes. Will the trustee ask to see what the out come will be. I think we might owe a little this year so I was going to wait and maybe do an extention. Wait util after the BK 341 meating.

It is a common misunderstanding that doing an extension extends your payment due as well. This is not true. To file an extension, you are required to make your estimated payment at the time of extension (usually April 15). You're only extending the time to file the paper return, not the time to pay them.

[HHM]

It is a common misunderstanding that doing an extension extends your payment due as well. This is not true. To file an extension, you are required to make your estimated payment at the time of extension (usually April 15). You're only extending the time to file the paper return, not the time to pay them.

Yep, good point.

The DEADLINE TO PAY is still April 15. If you do not pay by April 15th, then you will incure penalties and interest and simply increase the total you will be required to pay when you actually get around to doing so.

[Ifonly]

If you want the tax due included in your filing as a Priority 1 claim, best to file the return with no payment now and include the amount due and to which taxing authority in your paperwork to your attorney.