I know under thenew laws that you have to provide your last tax return but if you recieved a big return does that work against you?I have 4 kids with 1 on the way and am probably going to file real soon.
2006-07-02 19:54:05 · 3 answers · asked by dwyn31 1 in Business & Finance ➔ Credit
If you file for Chapter 7 and you are expecting a large return, the money you are getting back might be an asset of the bankruptcy estate. Although bankruptcy is a federal law, the amount of property you get to keep after filing for chapter 7 is largely determined by state law. Therefore, it is very important that you contact a local bankruptcy attorney regarding your question. Do NOT rely on the answers you receive in this forum. Only a qualified bankruptcy attorney can advise you after a full consultation.
2006-07-03 12:19:10 · answer #1 · answered by Carl 7 · 0⤊ 0⤋
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RE Bankruptcy?
I know under thenew laws that you have to provide your last tax return but if you recieved a big return does that work against you?I have 4 kids with 1 on the way and am probably going to file real soon.
2014-10-05 08:55:00 · answer #2 · answered by ? 1 · 0⤊ 0⤋
A previous large tax return does not necessarily reflect a substantial income. Under the new bankruptcy laws, your ability to pay comes under more scrutiny. This why they want to look at your annual income.
2006-07-03 03:07:03 · answer #3 · answered by David H 3 · 0⤊ 0⤋