I have a plan to pay 90.00 a month for 36 months. Which I will end up paying back 3240.00. And that is probably the amount that I will get back from my income tax refund since I am single with a daughter and make less than 20,000.00 a year. Does the trustee keep my refund and if so how will that effect my payment plan.
2007-01-03 07:18:42 · 6 answers · asked by broke 1 in Business & Finance ➔ Taxes ➔ United States
Also just to mention I have 34 months left of the plan so I just started making payments. SO will they take all my refund and if that is so does that mean that I would be through with my payment plan
2007-01-03 07:33:04 · update #1
You should check with your attorney. Some bankruptcy judges would require you to pay your tax refund into your plan, others would allow you to keep it. You may need to amend your schedules to exempt your tax refund.
2007-01-06 03:38:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What did your bankruptcy judgment mention about tax refunds? When you file your taxes, the refund check is paid in the order of your name. therefore, it is smart to pay off what you owe.
2007-01-03 07:28:40 · answer #2 · answered by c1523456 6 · 0⤊ 0⤋
was it federal bankruptcy or state bankruptcy? state can keep any refund that you may be getting back. i am not sure about federal. with your arrangements . if your total refund is more than you owe you will get the difference. they cant keep what is not theirs, there-in the "refund check"
2007-01-03 07:23:47 · answer #3 · answered by it's still me 5 · 0⤊ 0⤋
If you are getting a lot back - they will keep it and attach to your BK plan, dividing it among your creditors. If it's only a small percentage - they will let you keep it.
2007-01-03 07:26:22 · answer #4 · answered by THE SINGER 7 · 0⤊ 0⤋
u should get the remainder of the refund
2007-01-03 07:21:13 · answer #5 · answered by AKON-eisha 2 · 0⤊ 0⤋
keep the balance
2007-01-03 07:21:42 · answer #6 · answered by royce r 4 · 2⤊ 0⤋