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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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You need to discuss this with your attorney. Once you receive your tax refund, it's part of your personal assets that could be seized to pay creditors. If you file bankruptc…y before you get your taxes then the government will keep your tax refund and put it towards your debt. The bankruptcy court has 1 year to go back and open your case even after your bankruptcy has been discharged. If you can prove that the money is needed/used for catching up rent or other nessacery bills they will not take it.
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
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.
Answer A tax refund is considered income/asset belonging to the BK petitioner and is therefore subject to seizure for the repayment of debt. Whe…ther or not the refund can be included in the BK depends upon the time frame of the BK filing vs. the tax refund date and amount, the status of the refund (joint, subject to child support action, etc.) and so forth.
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.
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.
How long do you have to wait to file chapter 13 bankruptcy in Louisiana after you filed chapter 7 bankruptcy in Arkansas a few years ago in?
Assuming the chapter 7 led to a discharge, you may be able to file chapter 13 immediately, but the automatic stay may not last long without a motion to extend it indefinitely.… If the filing date of the 7 was 10 years ago, you should not have this problem. Not all bankruptcy courts have interpreted the statutes and regulations the same way, so consult a local bankruptcy lawyer. Bankruptcy is a federal procedure in most states, and is the same from state to state, more or loss.
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.