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When the court takes the tax refund in a chapter 7 bankruptcy and the funds are not used what happens to the money?
Wiki User
∙ 16y ago
You mean they didn't need them to pay your debts? You had more than enough assets to do so?
Once the debts are paid, the court would not need to keep/seize/use any additional asset and would return it. But no one should have gotten paid less than 100% of what they were owed with you getting to keep the otherwise usable asset.
Wiki User
∙ 16y ago
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Can you get refund anticipation loan if you have a chapter 7 bankruptcy?
If you are in a C. 7 or within 6 months after the close of your case, any tax refund is property of the bankruptcy estate and must be turned over to the trustee. You may not get a loan against an asset (tax refund) without the court's permission.
Will the bankruptcy court take a tax refund in Montana?
Yes.
Does a tax refund automatically get sent by the IRS to bankruptcy court after a chapter 7 discharge?
No. Everything that happens in a bankruptcy case goes through the (7 or 13) trustee and if the trustee has not acted to get the refund, but has told you it must be sent to him/her, that is your obligation when you receive it. If the trustee did not know about the refund, and you omitted that information from your schedules, you may find your bankruptcy dismissed with prejudice, so you will not be able to re-file it for a while. If you owe the IRS back taxes, they may intercept it. Then it will depend on whether the taxes were or will be discharged. Talk to a lawyer.
Where do you file chapter 7?
In a U.S. Bankruptcy Court
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.
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.
Cashed your state tax refund before giving it to the bankruptcy court what happens?
Depends...assuming they had told you to turn it over - very possible the court will press contempt charges. Almost certainly they will dismiss your case.
Is there a time limit to reopen a chapter 7 bankruptcy?
No, there is currently no time limit to reopen a chapter 7 bankruptcy filing. However, it will be up to the bankruptcy court if the case is reopened.
Will the bankruptcy court take a tax refund in Colorado?
Yes unless it is Earned Income Credit.
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.
Can you place a lien on a persons property who is in chapter 7 bankruptcy?
No, unless you get relief from stay from the bankruptcy court.
Is chapter 7 bankruptcy clear 10 years from court announcement or hearing date?
Chapter 7 Bankruptcy will be removed from a credit report 10 years after the date the Bankruptcy was FILED.
