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In the state of Ohio will the bankruptcy trustee take your tax refund?
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∙ 15y ago
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In Ohio chapter 13 bankruptcy trustee entitled what portion of a tax refund from the date of the bankruptcy filing?
Hello, In Ohio if you file chapter 13 the Trustee will not touch your Federal or State tax refunds. Unless you owe Federal and State tax debt. In that case the Federal and State Government will take what ever you owe them. Happy Holidays I would disagree with the above. First, the State makes no difference, Bankruptcy las are Federal, handled by a Federal District BK Court. (Yes, some of these courts have certain allowances, that basically try to conform the handling to the convesntions of the area they work in). If the above were true, you could simply have 100% (or a high amount) of your earnings withheld, and hence have a large refund due...and say none of it is applicable to pay your debts? Nope. Tax refunds are from excess amounts you essentially had put in to a savings account with the Gov't with your name on it. Have the right amount withheld, by properly completing and filing your W-4 and you won't have a refund...and that extra money in your paycheck could be used to pay the debts you owe. The trustee won't hold back, in fact will give prioeity to paying, any tax you owe - but won't have you benefit by overpaying and asking for a refund. James _________________ I disagree with James. Why is it that all persons assume an income tax refund is due to an overpayment of federal taxes? I work for the state and have a set amount mandated to come out of my paycheck from PERS (public employee retirement system) which affects my adjusted gross, I pay nothing into Federal tax but I earn a tax credit for two children and being a full time student. In any case, a refund does not always indicate an overpayment...but NO, the IRS does not turn your refund over to the Chapter 13 in Ohio unless you owe back taxes.
How do I know if I qualify to file bankruptcy in the state of Ohio?
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In the state of Ohio is a chapter 7 bankruptcy trustee entitled only to the portion of a tax refund from the date of the bankruptcy filing.?
Depending upon the amount of time between the filing of the BK and the filing of the tax return; a refund may be pro-rated to determine the portion that is included as a BK asset. And if anything, the portion to be taken by the trustee is the part relative to before the filing. Follow: Pre petiton assets and liabilities are in the BK. Taxes withheld from earnings are basically money put on deposit with the government, to pay the tax due/payable later on. Just like any other "savings" account. Had you had the 'correct" amount withheld (instead of too much, causing a refund), the additional you received would have been available for to pay those creditor/debts.Earnings (and hence tax overpayments) from after the filing are not part of the BK.
A person in the Columbus area can find a company that deals with bankruptcy where online?
Attorneys in Ohio may be certified by the state bar as specialists in either Consumer Bankruptcy Law or Business Bankruptcy Law. The state bar would have a list of all attorneys in the Columbus area with the certification.
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Ohio is a Buckeye state.
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