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Can a trustee take your federal tax refund in Missouri if your bankruptcy was discharged before you filed your taxes?
Wiki User
∙ 18y ago
The trustee may be able to take a portion depending upon the amount of the refund and the time frame between the filing or discharge of the BK and the date of the tax return. If a percentage can be ceased it will be pro-rated according to the number of months between the BK discharge and filing of taxes. In a chapter 13, the refund is not ceased but if it is of a considerable amount it may affect the payment amount assigned to the BK. But the money was generated BEFORE you filed for bankruptcy, so it's technically an asset that you already had and as such is to be factored in to the distribution to the creditors.
Wiki User
∙ 18y ago
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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 i withdrawl my 401k while in chapter 13 bankruptcy in Louisiana?
Bankruptcy is a federal procedure in a federal court. What state you are in is irrelevant except for exemptions. Your 401(k) balance is exempt by federal law, but once you withdraw money from it, that money is no longer exempt, and the trustee will want it to be applied to your plan. If you withdraw it and fail to disclose that to the trustee, you may find your bankruptcy in serious trouble. Don't do it.
Can a trustee reverse a bankruptcy that has been discharged?
It is rare but there is a provision in the bankruptcy code that allows it. Generally, there was some willful untruthfulness in your bankruptcy schedules. I always tell my clients to be completely honest on their schedules to avoid this potential problem. You need to talk to your attorney immediately if this is a possibility.
Is foreclosure done quicker if home has been discharged in bankruptcy?
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
How are you notified that your chapter 13 bankruptcy has been discharged?
If you have filed the financial management certificate due after the plan has been certified by the trustee as completed, you or your attorney must file an application for the discharge.
Your personal bankruptcy was filed in 2000 can your name be added to a CD account?
If your bankruptcy was "discharged" in 2000, then yes. Discharged means it is done! If you are still in a chapter 13 bankruptcy, still paying the trustee--then no. If the trustee finds out about the CD, it will cause lot of problems.
What is the likelihood that a tax refund will be taken by the trustee during a bankruptcy?
Generally it depends on the type of BK when or if it has been discharged, the amount of the refund, and if it is a federal or state bankruptcy filing. As a rule at least a portion of the refund will be taken by the trustee, more likely the entire amount is subject to relinquishment.
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.
If an executor of a will waits six months after a bankruptcy to give the bankrupt his inheritance is it safe from the trustee?
Maybe. It depends upon the type of bankruptcy that was filed (state or federal) and the time the bankruptcy petitioner actually was awarded the inheritance, not accepted it. A bankruptcy case is officially finished when it is closed, not discharged.
Why should an inheritance be disclosed to a trustee after the tax year has passed but before the bankruptcy is discharged?
Absolutely.
Do you know if you go to bankruptcy court do you get discharged when you go there?
A person or persons would need to file for bankruptcy before having any contact with the court and/or bankruptcy trustee. A bankruptcy discharge is what is granted if the filing is deemed valid.
Are there any penalties or fines for selling your home after bankruptcy?
Not after the bankruptcy has been discharged. If the person is participating in a chapter 13 bankruptcy they must have the permission of the trustee/court to engage in any major financial transactions.
Can you receieved a large settlement payment after you are discharged from a chapter 13 bankruptcy?
You can, but you may have to turn it over to the trustee if you did not list the claim in your list of assets and your Statement of Financial Affairs. If the trustee abandoned the claim, the settlement is yours. If you failed to list it, not only can you lose the settlement, you may be subject to federal criminal charges for lying on your bankruptcy forms, which you signed under oath.
If you are in bankruptcy can you still purchase a new or used car?
If it is chapter 7 and has not been discharged then, no. If it is a chapter 13 then the bankruptcy filer would need the permissin of the trustee to make any major financial transactions.
Can i withdrawl my 401k while in chapter 13 bankruptcy in Louisiana?
Bankruptcy is a federal procedure in a federal court. What state you are in is irrelevant except for exemptions. Your 401(k) balance is exempt by federal law, but once you withdraw money from it, that money is no longer exempt, and the trustee will want it to be applied to your plan. If you withdraw it and fail to disclose that to the trustee, you may find your bankruptcy in serious trouble. Don't do it.
How do you know when your chapter 13 bankruptcy is over?
You will receive a letter that your bankruptcy is discharged. You can also call the bankruptcy court or the trustee and find out if it is final.
Can you EARN large sum of money shortly after bankruptcy is discharged?
Bankruptcies are not discharged. The debts are discharged. If you knew going in to the bankruptcy that you would be earning a large sum of money, that information should have been entered on Schedule I at the bottom and if it was NOT disclosed, you might find yourself in federal prison for perjury and fraud. Your discharge would be revoked. If you did not know you would be earning a large sum and could not have found out before filing, no problem. If it is a lottery winning or an inheritance, rather than wages, you have to disclose it to the trustee and the court.
