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If you file bankruptcy Ch 7 in December 2008 in the state of Florida middle district will your income tax refund for 2008 be taken away?
Wiki User
∙ 15y ago
Very likely...the refund is because you had more money than needed withheld from your paycheck and pu in (essentially) a savings account at the IRS to pay your eventual liability. This money, earned and saved pre-filing, had you not had it put aside (or had you correctly estimated and completed the W-4 so the right amount was withheld), would have been available to pay the creditors. You know, you could literally have had 100% of your pay withheld....think it makes sense youc could get and keep it after filing BK?
Wiki User
∙ 15y ago
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Is bankruptcy discharged debt considered taxable income?
No, discharge of debts through bankruptcy do not create taxable earned income. However, you can have Capital Gains or Losses if any real-estate was disposed in that bankruptcy.
Which of these about bankruptcy is false A amount of debt is less than the income earned B after bankruptcy you can't get credit for 10 years C everything you own goes into bankruptcy D All of these?
ALL of these are false: A amount of debt is less than the income earned B after bankruptcy you can't get credit for 10 years C everything you own goes into bankruptcy
Can should your spouse get a job after filing bankruptcy chapter 7 but before the meeting of creditors?
You can switch jobs at any time during bankruptcy. The tax returns for the previous year are usually used when figuring income in bankruptcy. It is doubtful the new income would be a factor.
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
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.
What are employee income records for bankruptcy?
According to the Central District US Bankruptcy Court clerk in Santa Ana, Ca., an Employee Income Record is nothing more than a pay stub from your place of employment.
Can you file bankruptcy with income coming in?
Yes, you can file with an income coming in, which chapter of bankruptcy you file depends on your income
If ss disability payments are exempt from a bankruptcy why would your disposable income change if the only added income was from the ss?
Is VA Disability income exempt from bankruptcy income claim?
How much income is too much for chapter 7?
Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.
Is bankruptcy discharged debt considered taxable income?
No, discharge of debts through bankruptcy do not create taxable earned income. However, you can have Capital Gains or Losses if any real-estate was disposed in that bankruptcy.
If you declare bankruptcy would your disability allowance be used as income or disregarded?
It is income. ALL income is income in a bankruptcy, no matter the source. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Your husband and you just moved to Florida yet are still residents of California and have one child which state do you file for divorce in?
If you are talking about filing income tax, you normally file income tax in the state where you are a resident on December 31 of the tax year. In your case, it might make sense to move your residence to Florida at least on December 30 through January 2. Florida does not have an income tax and California does. In fact, almost every other tax in California is also higher. There is absolutely no reason to live in Florida and pay California taxes.
Can executor of bankruptcy take income tax?
Yes.
Does workers comp income count as income towards the means test when filing bankruptcy?
Yes.
Can someone with a bankruptcy but above-average income and a low debt-to-income ratio co-sign a student loan?
No. If someone has a bankruptcy in their last 10 years with an above average income and a low debt-to-income ratio can't co-sign a student loan.
Is debt that discharged in a bankruptcy proceeding considered 1099 income?
no
Do you need a minimum income to qualify for a chapter 7 bankruptcy?
No.
