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If you filed chapter 13 bankruptcy will the trustee take your tax refund?
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.
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
The best way, especially for a Ch 13 is to contact a local attorney. You may end up with a lower repayment plan by using an attorney as well because they understand all the ex…emptions that you may qualify for. If you are set on doing it yourself, contact the clerk of the local Bankruptcy Court for the forms. Remember, the Clerk can NOT give you any advice. 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.
Assuming you mean your federal tax refund, if you did not list it as an asset and exempt it, you cannot keep it. If your plan is less than a 100% plan, the trustee will increa…se the dividend, the amount paid out to unsecured creditors, after paying himself, of course.
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.
Everyones discharge time may be different. Simply because each plan is prepared based on specific personal information such as debtors particular amount of debt, debtors… income, and length of time plan is set up for repayment.All of these factors are taken into consideration to prepare a plan that is manageable payment wise. Five years is the maximum time allowed to schedule repayments for so depending on the amount of debt it could be the full five or much less.
Yes. The injury lawsuit must be disclosed in the BK schedules. If it is of nominal value, the trustee may abandon it. If there is serious money however, the trustee can prosec…ute the lawsuit and keep the proceeds of any settlement to pay off creditors. Depending on the exemptions your specific states uses, you may be able to exempt a certain amount, and this would also need to be disclosed in the BK schedules.
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 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 bank…ruptcy is over however, you don't have to worry about that.
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.
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 fi…le first 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.
No! You must claim more dependants on your paycheck to avoid the trustee claiming your refund. 1500$ is the limit from Fed and State combined. Keep your refund below that amou…nt combined and you will be in the clear. I find it ironic that if you owe the irs any money the trustee does not help out with that but if your refund is good then the trustee will claim it. Hope this helps!
You may get it, but you will have to turn it over to the trustee. It may shorten your plan payment time period.
If the property was claimed as exempt the trustee has 60 days to either exempt or reject the contract. If nothing is done then the contract is automatically rejected and the t…enant is considered a holdover tenant. If you exempted the property the property reinvests in the debtors name and thus the rents should follow as the debtor is the only one with standing to collect the rents. That is not to say the trustee will not try hard to stand in your way though.
I spoke to my lawyer about it and he said that he has never know the trustee to take the refund in this district. I would advise you to talk with your lawyer, I am sure your c…ase wasnt his first and they should have a history with the trustee.
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).