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In you are filing chapter 7 in New York can they take your tax refund even if you are putting it all toward paying for school?
Wiki User
∙ 8y ago
This may not be helpful at all, but for what its worth... I have no idea what the exemptions are like in New York, but in Indiana, trustee's couldn't care less what the debtor intended to do with the refund check. Indiana law says you get to keep $100.00 of cash per debtor, period. Anything above that the trustee will keep and distribute to creditors. It is not an issue of what the debtor had planned for the money, or how bad the debtor needed the money, it is simply math: the law says you keep $100.00 and the trustee gets the rest, and that's the end of the analysis. Assuming New York is like Indiana, I would say the trustee will be unmoved by what your plans are for the refund. But, like I said, I don't practice law in New York so maybe there's some exemption over there that is different that what happens in Indiana.
Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Wiki User
∙ 8y ago
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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.
Should you wait to file chapter 13 after tax refund?
Either way they will want a tax return filed before filing for chapter 13. If you are expecting a refund then they will seize it if it is after so to keep the money file first and wait for the return, it will be considered as part of your income. If you owe it is better to know the amount before filing.
If you received a tax refund in April of 09 and filed a chapter 7 bk in June of 09 can they take your refund you receive in 2010?
No. It was not part of your "bankruptcy estate" as of the date of filing and is not one of the items that have to be reported if received within 6 months of filing. Especially if you do file your return until April.
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.
When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?
No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.
You expect a tax refund this year will filing chapter 13 bankruptcy in 2008 affect your refund?
The amount, no Will some part of it likely be used to pay your debts (because if you didn't have too much withheld that is what I'm sure you would have done with it then), yes.
Will IRS still take your income taxes after filing chapter 13 bankruptcy?
If you still owe federal income taxes, they will. But if they don't take it, the chapter 13 trustee gets the tax refund. You should have listed any income taxes that were dischargeable (due more that 3 years prior to the filing date).
When do you get your tax refund?
within 6 weeks of filing
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.
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 long is the average time after filing your income tax return that you will receive your refund?
You can usually expect to get your tax return refund 21 days or more from the filing date depending on how you file.
Why does the court sometimes take the tax refund when a person files a chapter 7 bankruptcy?
A tax refund is considered income/asset belonging to the BK petitioner and is therefore subject to seizure for the repayment of debt. Whether or not the refund can be included in the BK depends upon the time frame of the BK filing vs. the tax refund date and amount, the status of the refund (joint, subject to child support action, etc.) and so forth.
