2008 Income Tax Strategy?

[beachymama]

This will be the first time that I file income tax where I have not paid alot of mortgage interest which has helped me tremendously with write-offs and NOT owing the IRS.

I will have SOME mortgage interest & probably child tax credits, so I plan on filing ASAP as soon as possible in 2009 because I have not yet filed bankruptcy, but I will in 2009 as soon as I get a judgment to push me and/or find the money to do it.

As long as I file and receive the refund, the bankruptcy does not effect it right?? Am I entitled to the refund as long as I have not yet filed bankruptcy?

Thank you!

[HHM]

Correct...if you actually receive (and spend) your refund before you file BK, there is no problem.

As for waiting until a judgment is entered, you really shouldn't let it go that far, doing so creates needless complications (albeit not insurmountable) in a BK.

[beachymama]

Correct...if you actually receive (and spend) your refund before you file BK, there is no problem.

As for waiting until a judgment is entered, you really shouldn't let it go that far, doing do creates needless complications (albeit not insurmountable) in a BK.

Thank you, I will have to use the money from the refund to pay for it, so I am going to try and file early in January. I am trying to do a loan modification on my mortgage and one of the requirements is NOT being in bankruptcy, so I am hoping that they will get the modification done so I can keep my home and the payments reasonable instead of losing it in a foreclosure.

[floridian]

i assume you dont have to figure it in the means test...