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Yes, you still have to file your taxes as usual. Any refund will probably be appropriated by the trustee and treated as a nonexempt asset, which will be used for repayment of creditors. Adding As indicated, this is one of your assets and must be disclosed to the creditors committee as something they can use to pay your debts. They will probably ask about it if you don't provide it. They've seen it many times before.
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Should you spend your tax refund before you file for chapter 7 bankruptcy?
If received for last year yes. the one for next year, received after filing, no.
Will your tax refund be taken to pay back your debt if you file for bankruptcy?
Tax Refunds and ReturnsThere is no specific protection for tax refunds in bankruptcy. As such, the "wild card" exemption* is used to try to protect these funds as much as possible. Further, any portion of your tax refund that pertains to the "earned income credit" is also fully protect and yours to keep.In a Chapter 7 Bankruptcy, you may lose all or part of your tax refund due for the tax year in which you filed your bankruptcy. For example, if you file for bankruptcy in 2009, your Trustee may be entitled to all or part of your 2009 refund, which is due from the tax return that you will be file in 2010.If you file for bankruptcy today, you must provide copies of your tax returns for the years 2008, 2007, 2006, 2005, and you may have to provide a copy of your 2009 tax return when it is filed, to the Trustee. In a Chapter 13 Bankruptcy, you must also provide copies of your tax returns to your Trustee during the term of your Chapter 13 Bankruptcy. You will generally lose tax refunds during the entire term of your Chapter 13, not including any amount that can be protected by the "wild card".-------* The wildcard exemption is $1,000 per person. It allows you to retain up to $1,000 of assets (cash, accounts, property …) that is not otherwise protected when you file for bankruptcy.
If you file bankruptcy for your business will they take your personal tax refund?
If your business is a separate corporation or entity, no.
How many times can you file Chapter 7 bankruptcy and can you claim taxes?
No limit
How can creditors size a tax refund check one year after filing chapter 7 bankruptcy?
The answer depends on who the creditor is and the status of the debt. If the debt was a student loan or other non-dischargable debt, then your tax refund can be taken. If the debt WAS discharged, ANY collection action of any kind on a discharged debt is a violation of the permanent injunction of the discharge and therefore illegal. If the creditor was not included on the creditor matrix, then informing them of the bankruptcy and discharge of the debt may be all that is necessary to have the refund returned to you. In other cases it may be necessary to file a Motion for Contempt against the creditor in bankruptcy court. This would require the re-opening of the bankruptcy.
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.
If you file taxes while in bankrupt will you get a refund?
I depends on the type of bankruptcy and your agreement with the trustee/court.
How long do you have to be unemployed to file chapter 7?
You do not have to be unemployed to file bankruptcy.
In Kentucky How long after bankruptcy can you file chapter 7 and can you file chapter 13 after chapter 7?
You can file bankruptcy again 7 years after the last time you filed.
How soon can you file bankruptcy after a voluntary dismissal of a chapter 13?
is it safe to file for voluntary dismissal of chapter 13 bankruptcy
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.
Can you get your car back after a repossession if you file chapter 13 bankruptcy?
In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy
Should you spend your tax refund before you file for chapter 7 bankruptcy?
If received for last year yes. the one for next year, received after filing, no.
How many year after you file bankruptcy can you file bankruptcy aging?
If you are talking about a Chapter 7 bankruptcy, It takes 7 to 9 years after you can file bankruptcy again.
If you filed chapter 13 bankruptcy and it was discharged can you file chapter 7 bankruptcy now?
Yes.
Who can file for bankruptcy in Wisconsin?
Anyone who is a resident of the state can file for bankruptcy in Wisconsin. There is no restriction on who can file, only for which chapter they can file in.
Can you file bankruptcy with income coming in?
Yes, you can file with an income coming in, which chapter of bankruptcy you file depends on your income
