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∙ 13y ago
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Will the bankruptcy court take a tax refund after your bankruptcy is discharged?
Usually not. Your bankruptcy petition will ask you for information on whether or not you received a tax refund for the year prior, but they don't usually track you afterwards to find out if you got a refund after your discharge. You are applying for a clean financial slate, and taking away your refund would negate that purpose. If in doubt, check with your bankruptcy attorney for more clarification.
If you file bankruptcy for your business will they take your personal tax refund?
If your business is a separate corporation or entity, no.
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.
Can bankruptcy court take taxes after dismisal?
Most taxes are not discharged in bankruptcy.If the amount of your tax liabilities is not clear, the bankruptcy court cam decide how much you owe; you need not go to tax court for that.
If you already have a payment arrangement with the IRS will they take your refund?
Yes, if you already have a payment arrangement with the IRS but have a refund due, they will take the refund. If you have a balance due, they will apply your tax refund to this balance.
Will the bankruptcy court take a tax refund in Colorado?
Yes unless it is Earned Income Credit.
Will the bankruptcy court take a tax refund after your bankruptcy is discharged?
Usually not. Your bankruptcy petition will ask you for information on whether or not you received a tax refund for the year prior, but they don't usually track you afterwards to find out if you got a refund after your discharge. You are applying for a clean financial slate, and taking away your refund would negate that purpose. If in doubt, check with your bankruptcy attorney for more clarification.
Will the bankruptcy court take a lawsuite settlement?
It depends on the specific circumstances of your bankruptcy case and the laws in your jurisdiction. In some cases, lawsuit settlements may be considered part of the bankruptcy estate and subject to distribution to creditors. It's best to consult with a bankruptcy attorney for guidance tailored to your situation.
Will the bankruptcy trustee take all of your tax return refund?
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.
Can the bankruptcy court take your tax refund for 2004 if bankruptcy was filed in Dec 2004 if this was not discussed at the Creditors Meeting?
I think it depends on when your debts are discharged. If they were already discharged, it was a Chapter 7 bankruptcy, and it wasn't discussed at the creditors meeting, then the refund is yours. Besides, imagine if you filed on April 15th. You might not get your refund until later June or almost July, and that's months from when your debts were discharged. I'm pretty sure it's yours.
Can you receive a tax refund this year if you filed bankruptcy last year?
You need to discuss this with your attorney. Once you receive your tax refund, it's part of your personal assets that could be seized to pay creditors. If you file bankruptcy before you get your taxes then the government will keep your tax refund and put it towards your debt. The bankruptcy court has 1 year to go back and open your case even after your bankruptcy has been discharged. If you can prove that the money is needed/used for catching up rent or other nessacery bills they will not take it.
Is there a way to keep your refund if a payment plan is in effect Went through bankruptcy and making agreed monthly payments Can they still take my refund Can I request it back?
The State can and will take your refund as long as there is a balance owed.
Can a creditor take your income tax refund if you file Chapter 7 Bankruptcy?
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.
If you file bankruptcy for your business will they take your personal tax refund?
If your business is a separate corporation or entity, no.
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.
Who files papers with the court house to take a lien off a property after a bankruptcy court discharges what you owe on the lien?
Your bankruptcy lawyer.
Can IRS take your refund for court ordered debt?
Yes, the IRS is entitled to dock a refund for a variety of things, including court ordered debt.
