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Why did the trustee tell everyone they have to send him their tax return if you don't have to file for lack of enough earning so do i still have to file?
Wiki User
∙ 12y ago
In October of 2005 the new bankruptcy laws, otherwise known as BAPCPA of 2005 [ Bankruptcy Abuse Prevention and Consumer Protection Act] went into effect which expressly require that debtors submit tax returns.
You may ask the Trustee to give you some consideration, but he is obligated to request them. Some courts may only ask for 1 year while others may request to see 2 years.
You should definitely file if the Trustee insists on the returns since he has the power to obstruct your discharge.
Wiki User
∙ 12y ago
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What is the earning potential on your savings?
Rate of return
Who much of your tax return can the bankruptcy trustee take?
If it has not been exempted, all of it.
Who signs a final corporate tax return?
Depends...frequently the trustee or acting offocers.
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.
Is net earning percent of sales the same thing as return on sales?
no
What happens if you spent your tax return and the trustee wants you to pay it to him?
The party involved will have to remit the amount to the trustee or formerly exempted property can be seized and liquidated to cover the amount of the tax refund. If neither option is possible the trustee can request that the BK be dismissed with prejudice.
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.
Can they hold your federal return in chapter 7 bankruptcy?
The trustee can ask you to turn it over to him if he knows that you are getting a refund back.
How do you calculate return on capital?
The way to calculate the Return on Capital (ROC) or Return on Investment (ROI) is dividing net earning between the total capital. The result is multiplied by 100, and you get the percentage.
What are the rewards in buying shares?
Of stock I presume? If so, the reward is return on investment. You invest your money the stock grows you cash out, thus earning a return on investment.
Why is earning profit considered as only one of the objective of business?
Earning money is a businesses main objective because it has investors that expect a return on their money. When businesses don't make money they stop existing.
Can the trustee still come after your income tax return even if your bankruptcy is discharged?
Maybe. It depends upon the amount of time that has elapsed between the BK discharge and the receiving of the tax refund. Generally any refund that can be seized by the trustee must be pro-rated.
