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Should you spend your tax refund before you file for chapter 7 bankruptcy?
Wiki User
∙ 15y ago
If received for last year yes. the one for next year, received after filing, no.
Wiki User
∙ 15y ago
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How long do it takes for a trustee to refund your tax refund after canceling chapter 13 bankruptcy?
60days
Is it possible to exempt a tax refund in chapter 7 bankruptcy?
You can't "exempt" anything.
Do you get tax refund after bankruptcy discharge?
Depends on if your due a refund to start...and if it was taken from earnings before your filing or after.
If you are to receive a tax refund before Chapter 13 confirmation may you keep the refund?
Whether you can keep the refund will depend on what the trustees of your BK 13 are expecting. You definitely should check in with them before considering doing anything else if you do not know what your agreement says.
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
How long do it takes for a trustee to refund your tax refund after canceling chapter 13 bankruptcy?
60days
Is it possible to exempt a tax refund in chapter 7 bankruptcy?
You can't "exempt" anything.
Do you get tax refund after bankruptcy discharge?
Depends on if your due a refund to start...and if it was taken from earnings before your filing or after.
Can you get refund anticipation loan if you have a chapter 7 bankruptcy?
If you are in a C. 7 or within 6 months after the close of your case, any tax refund is property of the bankruptcy estate and must be turned over to the trustee. You may not get a loan against an asset (tax refund) without the court's permission.
Can they hold your federal return in chapter 7 bankruptcy?
The trustee can ask you to turn it over to him if he knows that you are getting a refund back.
If a chapter 13 bankruptcy was dismissed in June of 2005 when could tax refund offset of a student loan be expected?
If you are due a refund for taxes filed for the 2005 tax year, that refund can be siezed to offset the student loan - and every refund after that too.
If you are to receive a tax refund before Chapter 13 confirmation may you keep the refund?
Whether you can keep the refund will depend on what the trustees of your BK 13 are expecting. You definitely should check in with them before considering doing anything else if you do not know what your agreement says.
Do i have to give tax refund tpchapter 13 that was filed last 2013?
If the Chapter 13 Bankruptcy is still active you probably will need to turn over this to the Chapter 13 Trustee. At the least you need to ask the Trustee about the refund amount and if it must be submitted or not.
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
How can you keep your tax return when you file a bankruptcy chapter 7?
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. There 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.
If you file a bankruptcy 7 in August what happens with your tax refund that you may be entitled to the next year and thereafter?
If the debtor is entitled to receive an income tax refund or a similar nonexempt asset in the near future, he or she should not file under chapter 7 until after the refund or asset has been received and disposed of. Otherwise, the refund or asset will become the property of the trustee.
