How long should a person wait after a chapter 13 bankruptcy is dismissed to file income taxes for that year to guarantee to receive the refund?
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 eq…uifax and a discharged chapter 13 stays on for 7 years and a dismissed chapter 13 stays on for 10 years
Yes. For 3 years. They do not take it all. You will get to keep your EIC and certain other credits that may be given that year. This is per my bankruptcy lawyer.
Answer . \nA tax refund is considered income/asset belonging to the BK petitioner and is therefore subject to seizure for the repayment of debt.\n. \nWhether or not the r…efund 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.
It is 180 days before you can refile
If you file a chapter 13 bankruptcy and include taxes years 2004 2005 can the IRS take your refund in 2007 for what you owe for tax year 2004?
como subio y bajo los precios en metro pcs desde ano 2004 al 2007 Ans I believe that the IRS maintains it's right to offset (that is clearly legal/proscribed) and what is… being done in something like this, even in cases of BK. Whether that right is absolutely always allowed may be another story...but unlikely it's worth fighting. The money won't go to you. (Otherwise, the refund would probably have to go to the court anyway as a pre petition asset). if a person files bankrupcy in 2009 can the IRS offset the refund
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 the 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 file fir…st 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), y…es.
If received for last year yes. the one for next year, received after filing, no.
You may get it, but you will have to turn it over to the trustee. It may shorten your plan payment time period.
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).
In Income Taxes
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.