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What happens if you did not give your trustee your income tax refund?
Wiki User
∙ 15y ago
Kind of crazy to go to court andfile bankruptcy, begging for their protection (thats probably exactly terms in your pleading to them), and then not co-operate with them. Your case will be dropped. You may be subject to contempt of court or even criminal charges for not obeying a court order and taking the funds. You understand the Court and Trustee are on YOUR side don't you? They're working to have debts cancelled for you so you can escape your sworn obligations to others not enough?
Wiki User
∙ 15y ago
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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.
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.
What happens if you were not able to give your tax refunds in a chapter 13 because of economic reasons but still made all your plan payments?
If you are paying less than 100% of your debt to creditors, then you were required to at least give a portion of the refund to the BK Trustee (since it is considered income). The fact you made plan payments is irrelevant. If you had some unforseen expense come up- it would have been better to discuss this ahead of time with the Trustee. Your lawyer SHOULD have made you aware of this possibility. If you have no lawyer, you will still be held responsible for following BK law/procedures. So now it is up to the Trustee, either he will overlook this if you make higher payments (to make up for the tax refund money the Trustee did not receive) or he can ask the court to dismiss you BK (the court doesnt automatically dismiss a case, a party has to file a motion with the court). If your BK is dismissed, you will NOT be given a refund/credit for any plan payments made.
What is a free income tax estimator?
Free income tax estimator is a calculator that you put basic information into. Yearly income, federal tax withheld, number of dependents. Then it will give you an estimate of your refund or if you owe money.
What happens if you miss a payment in your bankrupcty agreement?
The person should contact the BK trustee immediately. A trustee will generally give the debtor thirty days to bring the payment(s) up to date before requesting the "13" be dismissed.
Why can't you deduct Arizona state income taxes that are due out of federal income tax refund and then pay Chapter 13 trustee the remaining amount Chapter 13 trustee says no you can't do this.?
It is puzzeling...it is probably because HE needs to be the one to do it, at the proper time with the proper asset. But understand, all types of claims/debts have different priorities...the State tax claim may come after others...and hence the money from the Fed Tax refund needs to go to pay those first. (Tax is, interestingly enough...NOT the highest of claims...and it is even possible the State didn't request payment). It is more likely that the trustee considers it as income you did not receive earlier during the year that could have been used sooner to give to the trustee for disbursment. In other words, the ideal situation for claiming exemptions by using the tax commissions withholding calculator or going to a professional, you would be able to determine the amount of exemptions you should claim so that you come out almost even at the end of the year. You would not be left owing more than you can hopefully handle if you owe and do not get back a huge refund also. If you had done that your net disposable income that is used to determine what you must pay on your bankruptcy would have been higher possible raising your bankruptcy payment. The trustee would have had those funds all year to disburse to creditors and it would not be available to pay a debt that became due to another tax commission after filing bk.
Do i have to give a refund?
yes
How do you get a Bershka refund?
Go up to them and give them your receipt ..Stay there if they don't give you a refund your entitled of these remedy credit note or a refund , or just go looking for a ombudsman.
Is the economic stimulus check taxable?
No, the rebate check is an advance payment of a 2008 tax credit. The money is actually a portion of the refund or payment applied to the taxes you will file in 2009. Therefore as it is a refund check it is not taxable income.
Can a trustee only give you portions of the will?
It depends on the wording within the document. If the document states that the Trustee shall distribute at their discretion then yes they can give you just portions of your inheritance.
Can you request refund of attorney fees if unsatisfied?
Yes, you can request a refund from an attorney. Most attorneys will not give you a full refund, but may give you a partial refund. If some of the money was for filing fees, you won't be entitled to receive those back.
If you file chapter 13 will it take your income tax?
It depends. This varies widely from district to district and even division to division inside of a district. For example, in the Southern District of Indiana, in the Indianapolis and Evansville Divisions they usually do not make you pay your refund check to the Chapter 13 trustee unless the refund check is huge; in the Terre Haute Division, they ask that you pay it if the non-earned income credit portion exceeds $750.00, and in the New Albany Division they always make you pay half regardless of how much it is. Certainly the Chapter 13 trustee can usually convince the court to make you give them tax refunds during the life of the Chapter 13 Plan if they wish, but many trustees do not. The only way to know is to call the Chapter 13 trustee who serves your district and division and ask them their policy regarding tax refund checks. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
