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If the trustee wants to dismiss your Chapter 7 for bad faith due to last minute excessive spending of a tax return how long until you can refile?
You can try refiling in 180 days. Unless there are extentuating circumstances.
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Once a chapter 7 bankruptcy case is closed can the trustee order the debtor to relinquish their tax refund if not ordered prior to closing?
I would think that to be highly unlikely. Once a case is closed, the Trustee has filed all the proper paperwork and the case is set aside, usually permanently. Unless th…ere is substancial fraud involved on your part and the Trustee gets wind of it, I'd think you are safe.
Answer There is no definite answer as creditors establish their individual collection procedures, it might also depend upon whether it is the o…riginal creditor or a collection agency.
How long do you have to refile Federal taxes if you realized you've made a mistake on a past return?
You have two years from the date you submitted your original tax return to submit an amended return. More specifically, as stated on the TurboTax website, "You can file an ame…nded return within 3 years of the date you filed the original return or within 2 years of the date on which you paid the tax due on the return, whichever is later."
It depends if you are at the end of your bankruptcy term, then it is a good thing. If you are not then it is probably a bad thing. I am in Chapter 13, and I had that happen.… I received a motion to discharge and thought it was wonderful until I realized that the trustee was claiming that they did not receive all of my payments. Which, was both confusing and astonishing since I had been paying my attorney directly (which I found out later is not supposed to happen), and he was passing the payments on to the trustee. The situation was corrected, apparently there was a misapplied payment or something, but in my situation the "discharge" wasn't good. So, if you are in the middle of your bankruptcy you should contact your attorney or as a last resort the trustee's office to find out what is going on. A discharge in the middle of the bankruptcy usually means there is a missing payment, or missing information they were supposed to receive, or even a violation of the terms of bankruptcy (i.e. getting into new debt). I am not an attorney I can only tell you what my experience was. Also, do not avoid this the sooner the better. If you are missing a payment they can even do some kind of modification, were they take the missing payment and spread it out through out the rest of your payments. But, your attorney will have to do that for you. ALSO, a word to the wise...your attorney is supposed to stick with you through out the whole process. So even if you are 5 years into your term..if something comes up they are supposed to represent you. I had a hard time getting hold of my attorney for a while and I though it was because he didn't need to deal with me anymore. Then, I called the bar association and they assured me he is my attorney until the ENTIRE process is over. Good luck!
No they do not take your refund from my experience, but they do take the state refund. If they do take it, you can contact the trustee and ask for it back. I was told as long …as the payments were being made every pay period we were okay. Hope this helps
I assume you mean "how do you keep your tax REFUND when you file a chapter 7 bankruptcy?" A tax refund is an asset of the estate and, generally, the trustee will take it. Ther…e are two ways to avoid this, first way would be to delay filing your bankruptcy petition until after you have gotten your refund and spent the money. The second way is to declare part or all of the refund to be part of your exemption, however exemptions are small and most people have other assets (like computers, wedding rings, paychecks, etc.) they want to protect with their exemptions.
Yes, but you need to find out if there is a 180 day filing bar. (Yes automatically if there was a Motion for Relief from Stay). If the case was dismissed without the filing b…ar and without prejudice, then you can refile immediately.
It makes no difference where you are...bankruptcy is Federal. Under the bankruptcy laws effective from October 17, 2005, Chapter 7 cannot be filed unless the debtor was disch…arged from the previous Chapter 7 or bankruptcy more than eight 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. That's only a very small part of an answer to your question...the real one being: bankruptcy is for resolving an extraordinary bad luck in life event...a once in a lifetime event. Its a real break..that in most parts of the world you just don't get..there you pay your debts, or your kids, family do, or (and frequently it's AND) very bad things happen to you. But most certainly, your not a trusted member of the community ever again..and you ain't reneging on your solemn oath to pay again. If you looking to do it even a few years after having done it, until you substantially change your ways....likely just about everything in your spending habits and probably even how and what you feel you deserve from others and yourself....you'll just continue being a bankrupt... in ways much more than money. Hey...wake up...what your doing...what your taking from others...it obviously ain't working for you and certainly ain't making you rich. Change. NOW.
They have wide discretion to leave a case open as long as they feel necessary to determine whether fraud is being perpetrated or whether unexempt assets can be obtained.
Normally takes a week or so. It depends on if the Judge orders a hearing (which some do, some don't). If there is a hearing, normally a few days later there will be an order t…o dismiss.
Answer "Case dismissed" means the same as any other time you hear it. Dismissed means that the case has no merit or means to go forward and that charges (in this ca…se, the charge of bankruptcy) can not be proven or declared. The bankruptcy was not granted.
How can you find out how much of your income tax the trustee will take after filing chapter 7 bankruptcy?
The answer to this question varies from jurisdiction to jurisdiction, but I would say it is wise to ask your attorney what the common practice is in the district in which you… filed. In Indiana, the trustees normally lets debtors know at the Meeting of Creditors (also called the 341 hearing) whether they want the refund check, and if so, how much. Different states let you keep different amounts of cash in bankruptcy, so the state in which you live may influence how much the trustee takes. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
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.
Answer The party involved will have to remit the amount to the trustee or formerly exempted property can be seized and liquidated to cover the amount of th…e tax refund. If neither option is possible the trustee can request that the BK be dismissed with prejudice.
Yes you can, as long as it was dismissed and not discharged.
It must be postmarked by midnight, April 15th. You can get an extension which will make it due October 15 but the taxes are still due on April 15. If you do not pay the taxes …by April 15, the IRS will charge you penalty and interest on taxes due although they do not pay you interest for the moneys they hold during the year.
Presuming it was a voluntary filing, that your creditors didn't force you into it involuntarialry...you can ask and file with the court for dismissal. The protection BK …affords is then ceased and the creditors can pursue actions to collect the debt.