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.
Was this answer useful?
Do you need a tax return to file for bankruptcy?
Well no. But you would want to have filed all your returns. If you have $ coming back...(which is common for people who don't file, especially those that have limite…d financial income), you would want it. If you owe anything, what you owe can become part of the BK and may be relieved.
Can you discharge unpaid payroll taxes in bankruptcy?
Some debts, such as taxes (including payroll taxes, most student loans and unpaid wages) are not forgiven in bankruptcy even if you file, and will not be discharged even if yo…u are given bankruptcy relief of your other debts. And being in arrears in taxes may bar you from getting any bankruptcy relief at all . Talk to an attorney as soon as possible.
Can you get a refund from a tax return from 6 years ago?
I am assuming you never filed in the first place. Just file accordingly and if you are owed a refund you will get it. If you owe them you will also have to pay with interest a…nd fees.
Must you answer Yes to the question Have you filed for bankruptcy on an apartment rental application if it was filed and discharged over 15 yrs ago?
NO I am answering this after someone else. Having rented properties I know that renters have various issues with this question because they have filed for bankruptcy. Honestl…y, it really depends on what credit and background report agencies will be used and how in depth the landlord will be in their checks with you. If you answer no because your discharge was over 15 years ago and if they use PACER, it's possible you will be caught in a lie because some of PACER's records go back as much as twenty or twenty five years. Also, some landlords and agencies will double check court records. This is definitely in the minority and I wouldn't do this due to the time and effort involved. However, there are many background & credit reporting agencies that can tell me more than you'd ever like about you and your habits all with just an internet connection and a reasonable fee. If you were renting from me, I'd want you to be honest. I trust, but I also verify. If you lie on the application, what else would you lie about? Maybe it would be 5 people instead of 2 living in my property or I'd find out when it's affecting you paying your rent that your income has somehow been falsified. It's your choice to answer, not answer, answer honestly or not but be sure you are ready for the consequences. Things can get embarrasingly ugly and remember, you are asking for the priviliege of renting someone else's home. They must make sure that you will treat the home and the responsibility with great respect. Smart landlords and agencies will check carefully. If the landlord wants to screen out those with BK, it's their right, if the landlord doesn't really care, that's also their right. But it is their choice because it is their property, not the renters...
How many years can a bankruptcy trustee take your income tax refund?
Until discharge. (The length of the ch 13 plan.) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar associat…ion and they will refer you to one.
Are property taxes discharged with bankruptcy?
Property taxes are not in your records so you dont have to worry about them, if your home goes to foreclosure and bank that owns the house will have to pay those taxes if thy …want to sell the home in the future, property taxes will be in the house records not yours ans The above is one opinion...likely not to be found any place else. Property taxes, while of record against the property you own, are the owner of the properties obligation. Taxes, including property taxes, are, like all debts and all assets, whether recorded somewhere or not, included in BK and as such will be handled as a pre-petition liability. They will be settled, albeit frequently paid in full because of their position in BK prorities, but also depending on the assets you have to settle other items. (BTW, if you were to maintain accounting records - say like a business, your property tax accrued liability would in fact be recorded there, like any other debt/payable). If your mortgage is in fact foreclosed, the taxes will not be part of the debt the bank or successful bidder needs to be concerned with as they will be settled by the bankruptcy estate.
How will filing bankruptcy affect your tax returns?
If all of the debt is cancelled, or forgiven, you may still receive a 1099-C for Cancellation of Debt from the lenders who cancelled the debt. These can sometimes take years t…o reach you, so it would be a good idea to check with all of the lenders to find out if they will be issuing one to you. The main reason this is so critical is the IRS receives a copy of every 1099-C that is issued. If you do not report the amount(s) from the 1099-C, you will probably get a letter from the IRS telling you that you owe additional taxes. They consider cancelled debt as income that is taxable. There is Form 982 that can essentially negate foreclosure debt, as well as other forms of cancelled debt, so no taxes are paid on it. With personal debt ie: credit cards, auto loans, etc., there is a worksheet that can be filed that tallys your assets and liabilities at the time of the bankruptcy. For instance, if you had cancelled debt of $10,000 and you had $20,000 worth of assets, but $30,000 in liabilities, you would have been Insolvent by $10,000. You can eliminate paying taxes on cancelled debt to the extent of your insolvency. In the above example, you would not have to include the $10,000 cancelled debt as income because you were insolvent by $10,000. Doesn't change any of your legal obligations (other than the debts at the court), like filing taxes, or what is due.
Do you pay taxes on debt discharged in bankruptcy?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Qualified principal residence indebtedness: This is …the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners. Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income. Non-recourse loans: A non-recourse loan is a loan for which the lender's only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.
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 yo…ur 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.
Will the bankruptcy trustee take all of your tax return refund?
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…, then the refund is yours.
How long after a chapter 7 discharge can a trustee take windfall money or tax returns or proceeds from property sales?
The answer to this question isn't cut and dry, since the trustee can reach quite far into the future to get an asset if they think the debtor had the asset during the bankrupt…cy case and failed to disclose it or accuratelt represent its value. But, assuming it is truly an unexpected windfall, I think 11 U.S.C. 541(a)(5) is the best place to look, which states "[The bankruptcy estate includes] [a]ny interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date- (A) by bequest, devise, or inheritance; (B) as a result of a property settlement agreement with the debtor's spouse, or of an interlocutory or final divorce decree; or (C) as a beneficiary of a life insurance policy or of a death benefit plan." So, for these types of windfalls, the trustee can reach 180 days (6 months) into the future. I am not aware of the trustee's ability to reach into the future for any other types of windfalls unless, as I said above, the trustee thinks the debtor knew about them during the case. I know of one case where the debtor listed his home's value as $100,000.00 and then sold it about a year and a half after the case was closed for around $250,000.00 and the trustee found out and reopened the case and filed an Adversary Proceeding against the guy for misrepresenting the value of the home during the case.
Can the trustee still come after your income tax return even if your bankruptcy is discharged?
Answer Maybe. 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 seized by the trustee must be pro-rated.
Answered
Can your car be repossessed if your chapter 13 was discharged a few months ago and you made car payments after the discharge and one was returned uncashed?
Answer If the Chapter 13 is dismissed and the loan is not current, then yes they can repossess the car. By "current," I mean go back to the day you originally bought th…e car. If you were supposed to pay $250/mo since then, if $250/mo has not been paid since then, it is behind and they can repossess. In other words, if they did not get a payment for 6 months while you were in the Chapter 13, then that car is 6 months plus late fees behind, all of which must be caught up or they can - and usually will - repossess the car. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks! Only if the creditor got a relief from stay in your chapt.13 bankruptcy.Otherwise, they have to wait until your case is closed by the court, not just dismissed.
Answered
Bankruptcy discharged 7 years ago can you file again?
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 e…ight years 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.
Answered
How many years can a trustee take your tax return after filling chapter13?
The trustee is not the adversary. He is taking care of your affairs, because you couldn't, and you asked the Court to do so, and protect you while it did. The DEBTS …are yours. Wouldn't you want the money you overpaid to the government go to pay those debts? Once they are gone, you can have all your refund to do with as you want. But for now, you overpaid the government and underpaid your creditors, (I guess figuring out the Form W-4 and having the correct amount withheld was too complex). Fortunately,your trustee is correcting it.
Answered
Can your bankruptcy be revoked if you do not turn over the money to the trustee?
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.
Answered
In Mortgages
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.