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You have to file your income taxes yearly regardless of whether you have filed for bankruptcy or not. Yes, IRS may garnish your refunds to pay toward your debts. If your bankruptcy is over however, you don't have to worry about that.
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A Chapter 13, whether it is dismissed or successfully receives discharge, is on your credit report for 7 years. A chapter 7 is on your credit report for 10 years. … i called equifax and a discharged chapter 13 stays on for 7 years and a dismissed chapter 13 stays on for 10 years
Filing Return While in Bankruptcy Yes, you still have to file your taxes as usual. Any refund will probably be appropriated by the trustee and treated as a nonexempt as…set, which will be used for repayment of creditors. Adding As indicated, this is one of your assets and must be disclosed to the creditors committee as something they can use to pay your debts. They will probably ask about it if you don't provide it. They've seen it many times before.
If a chapter 13 bankruptcy was dismissed in June of 2005 when could tax refund offset of a student loan be expected?
Answer If you are due a refund for taxes filed for the 2005 tax year, that refund can be siezed to offset the student loan - and every refund after that too.
When you are in a chapter 13 bankruptcy and have to turn over your income tax refund does this include earned income credit?
Answer Probably. It too is an asset. And, if you had savings or an investment with interest available, that too could be used. However, from discussions here i…t seems tax refunds are not always seized as part of the BK process.
You have filed bankruptcy and had back taxes put into your chapter 13 which you filed last year your question is now that the new year has come you have filed your taxes again and will be receiving a?
If you are asking whether you will receive an income tax refund while you still owe taxes, the answer is no. The IRS will require payments and keep your refunds until th…e bill is paid in full.
How long do you have to wait to file a chapter 7 bankruptcy after you have filed for a chapter 13 bankruptcy?
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight y…ears ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago. The above notes discharge dates. There are methods to convert an active Chap 13 to a 7.
Depending on some things, like when the tax was paid and when the BK was filed, the refund is like any other asset and available to creditors. The trustee or court would… take it and pay it to creditors according to their standing in the case.
Either way they will want a tax return filed before filing for chapter 13. If you are expecting a refund then they will seize it if it is after so to keep the money fi…le first and wait for the return, it will be considered as part of your income. If you owe it is better to know the amount before filing.
is it safe to file for voluntary dismissal of chapter 13 bankruptcy
In Ohio chapter 13 bankruptcy trustee entitled what portion of a tax refund from the date of the bankruptcy filing?
Hello, In Ohio if you file chapter 13 the Trustee will not touch your Federal or State tax refunds. Unless you owe Federal and State tax debt. In that case the Federal and St…ate Government will take what ever you owe them. Happy Holidays ans I would disagree with the above. First, the State makes no difference, Bankruptcy las are Federal, handled by a Federal District BK Court. (Yes, some of these courts have certain allowances, that basically try to conform the handling to the convesntions of the area they work in). If the above were true, you could simply have 100% (or a high amount) of your earnings withheld, and hence have a large refund due...and say none of it is applicable to pay your debts? Nope. Tax refunds are from excess amounts you essentially had put in to a savings account with the Gov't with your name on it. Have the right amount withheld, by properly completing and filing your W-4 and you won't have a refund...and that extra money in your paycheck could be used to pay the debts you owe. The trustee won't hold back, in fact will give prioeity to paying, any tax you owe - but won't have you benefit by overpaying and asking for a refund. James _________________ I disagree with James. Why is it that all persons assume an income tax refund is due to an overpayment of federal taxes? I work for the state and have a set amount mandated to come out of my paycheck from PERS (public employee retirement system) which affects my adjusted gross, I pay nothing into Federal tax but I earn a tax credit for two children and being a full time student. In any case, a refund does not always indicate an overpayment...but NO, the IRS does not turn your refund over to the Chapter 13 in Ohio unless you owe back taxes.
The amount, no Will some part of it likely be used to pay your debts (because if you didn't have too much withheld that is what I'm sure you would have done with it… then), yes.
If received for last year yes. the one for next year, received after filing, no.
No, you don't HAVE to... you can legally represent yourself. That call that a 'pro se' debtor. However, meaning no offense, the fact that you have asked this question indicate…s that you probably should get one. While the high-level view of a chpt 13 is reasonably straight forward, there are many, many land mines on the road from your petition to the discharge and closing of the case. What I see is that over half of chpt 13 bankruptcies fail before they complete, and end in dismissal... and that is WITH attorney. If I were you, I would get referrals, because while one likes to think that all professionals would be good, that is not the case.
If you still owe federal income taxes, they will. But if they don't take it, the chapter 13 trustee gets the tax refund. You should have listed any income taxes that were dis…chargeable (due more that 3 years prior to the filing date).
I think if chapter 13 has been contemplated then for withholding status discussion with attorney becomes important. Attorney can construct the importance to adjust withholding… or these things can be consulted with tax professional to project tax liability. Ideally in this situation tax return will displayed partially or with no returns or may be no tax debt.
You made an interest-free loan of your money to the IRS and obviously did not need the income that represents. You are not "forfeiting" your refund. It will be added to your p…lan payments and may permit more of your debts to be paid pro rata - after the trustee gets his/her cut - or shorten the term of the plan if you have a 100% plan.