What about tax refunds?

what do you mean ??? can you keep them...

that will depend on when your filed your bk... we filed in april and we got to keep ours...most people who filed in oct have to turn them over...here's a thread hhm wrote that you may find helpful..... it's called " Reminder: October is When Trustees Look for Tax Refunds" hope it can answer some of your questions....

Yes, keep it.
When you filed did you already have your tax refund or no?
We are saving up now for the attorney and hoping we have enough funds to file in December

no, we filed our taxes in march and we filed our bk in april......our atty advised us to SPEND the money immediately....which we did on the house we are in now...so even if the trustee had asked i could have showed her receipts on every dime we got back. i studied hard, and we waited two years to file because of residency laws and also time...we wanted as much distance between "them and us"...so after researching and even though we were paid up with the atty, we told him HOLD off until i say "GO"...which is what we did.

if your in a 13 you can not keep your refunds.... (

got that enginegirl ....you can't keep it, sorry... we were in fact a no asset chaper 7 and not a 13.

New to this FLA Group! I'm in North District (non-consumer filing single). Pardon my ignorance but I should be getting $6000 in exemptions (house already foreclosed on). Do IRA's and military retirement savings count towards that exemption number or in addition too?

StE0417 - Expect the trustee to want the tax refund if you file in the last quarter (Oct - Dec) and possibly earlier if you receive a large refund this year. My best suggestion is to change your withholdings now so your refund is minimal if any.

Justbeach - welcome! IRA money is exempt, not sure about the military savings account but if exempt you should be able to find out in one of the links Tobee posted.

Tobee - Glad to see ya back!

SG

SG.....thanks so much!!! glad to be back!!


401 and retire plans are usually exempt...however, it depend on how it's set up....as far as is my understanding.

we got back 10k from taxes...the trustee didn't ask for a dime...why..no clue...our atty advised we are not filing until after you get the return and spend it...that's what we did...the trustee...well she never even questioned it?? odd, since i think the trustees are really beginning to grab up everything they can now..

OH!!! and a warm welcome to you justbeach!! glad you can join us!

Thx FL Gang! I did find out that military plans are exempt. Question do those IRA & military accounts go towards my total $6000 exceptions, or are they seperate (ie $6000 -$5000 in accounts = $1000 left for houshold exemptions). Anyone else here from N FL district

sorry...i'm central district....

Im going through a really tough time time and in undecided on filing bankruptcy...what are the cons to filing??

nattieL96...it's really a personal decision....for us...we lost our jobs...we had serious expensive illness and no way to pay our mortgage after 33 years....had over 200k worth of medical bills since we reached our insurance max for the year...then to put the icing on the cake our credit cards which we were using for medical expenses went from 5-7% to 39.99%.........then cons...........getting rid of all the debt and starting a new life......we even closed on our new home on feb 15th......it was owner financed....

pros......for us...we tried and spend our 401 doing it..none for us, however, everyone is different with different situations...best of luck...and let us know how your doing!