What would you like to do?
If a bankruptcy was discharged four months ago do you have to turn over your upcoming tax return for the year to your trustee?
No, if your BK (assuming this is a Ch. 7) is discharged, the money is yours. The only time you would have to surrender the refund is if you were expecting a refund during or shortly thereafter from when you originally filed.
32 people found this useful
Was this answer useful?
Thanks for the feedback!
State statutes govern the execution and/or the lifting of liens against real property. Therefore you will need to consult the laws of your state of residency.
If your bankruptcy was discharged a few months ago can you sell your house to a real estate broker before the trustee sale?
If the house was forfeited in the BK, instead of a reaffirmation agreement with the lender..NO!
Answer . I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, the…n the refund is yours..
As far as I know, it doesn't.
If your vehicle was listed in your Chapter 7 bankruptcy almost a year ago and the bankruptcy has been discharged and you are current on your payments can you still turn it in?
Answer . \nYes you can still turn it in. They told me that because it was involved in the bankruptcy, I could stop paying at any time and either call them to come get it o…r take it to the nearest dealer. I chose to keep my vehicle at the time but have since traded in for another.
Answer . \nTrustees have the power to audit personal tax returns for a specific period of time as was established at the time of the BK discharge. This is not common practi…ce however, unless the trustee has reason to believe that the filer is attempting to conceal additional assets or income. A very unwise thing to attempt, as it then becomes an issue of BK fraud which is a federal felony with a mandatory 5-year sentence for each guilty count.
After being discharged from the bankruptcy are you entitled to the upcoming year's tax refund if any?
Answer . \nGenerally tax refunds are pro-rated using the number of months between the BK filing and the tax refund as a guideline, in some BK's it also depends upon the amo…unt of the refund. The entire refund amount is seldom seized by the trustee unless the filer exceeds the exception amount established as the "wild card" or other allowable income.
Why should an inheritance be disclosed to a trustee after the tax year has passed but before the bankruptcy is discharged?
Answer . \nAbsolutely.
Answer . \n. \nMaybe. It depends upon the amount of time that has elapsed between the BK discharge and the receiving of the tax refund. Generally any refund that can be s…eized by the trustee must be pro-rated.
You filed bankruptcy in the end of 2005 your case was discharged Feb 2006 closed April 2006 Trustee returned your 2005 tax refunds to you saying they have no interest in them you were wondering if yo?
Answer . \nIt would seem that only your pre filing taxes would have been subject to the bankruptcy anyway - that is the 2005 one, so 2006 (post filing) should be most cert…ainly clear too.
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.
Being in a Chapter 13 bankruptcy and receiving money for a personal injury settlement two years after filing do you have to by law turn that money over to the Trustee or bankruptcy attorney?
Answer . Why aren't you asking your bankruptcy attorney? It depends on the amount and what the award is for. And the details may depend on what bankruptcy court your 13 is… in. You may be able to use the money to prepay your 13 plan and get out of bankruptcy. The money would go to you, not the bankruptcy attorney (unless you owe the attorney money). What claim the trustee would have is the issue.
You mean your credit report....that should happen automatically. Not because it actually ends, but because most credit report requests ask for the information (or credit revie…wers only consider it), for a 10 year time frame.. That you went throught the process will always be an available record as a court and legal matter...can't really change the past.
Absolutely! You understand that in YOUR filing you begged for the Court to take the actiona, incl a trustee take car of things, don't you. They are on your side! What he wants… you to pay is only a portion of what you swore to everyone you would use your money and assets to pay, frequently before anything else...in many ways the money isn't even yours.. And then at some point, even if hasn't collected enough to actually pay things off...he discharges the rest.
If it has not been exempted, all of it.
Can a discharged bankruptcy be reopened in Texas four years after discharge if a debtor acquires liquid assets over four years after the discharge?
A bankruptcy can almost always be reopened. Unless the "liquid assets" were available to the debtor at the time of filing or fall into one of the categories (gambling winnings… or inheritance) that had to be reported within 6 months of discharge, four years is way too late to go after them. Even in Texas.
Under the current bankruptcy law, you have to follow the instructions on the judge's decree. You may come under a category that you owe nothing following the judge's ruling. Y…ou may not. Either read the ruling, get someone to read it to you, or go to the court and purchase a copy to replace the one you lost.