i need to file bankruptcy i have like 45000 in debt, and i'm a single dad on low income, im expected to get back almost 3000, i only made like 11000 for the year
should i file my taxes before or after i file for bankruptcy.
i plan on using it for lawyer fees if i can. and for my son
2007-01-24 09:52:32 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You need to discuss this with your attorney. Once you receive your tax refund, it's part of your personal assets that could be seized to pay creditors.
Would this happen if that 3K is all the liquid assets you have? Probably not, but you may not wish to take the chance. Generally, bankruptcy attorneys won't file until you've paid their fee, but you may want to ask your's if he would consider a lien against your refund as payment so you won't have the assets in your possession.
Again, I'm not an attorney. This is certainly a question for him, as you'll have to discuss these issues with him anyway.
2007-01-24 10:07:35 · answer #1 · answered by Rob D 5 · 0⤊ 0⤋
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RE Income tax refund and bankruptcy?
i need to file bankruptcy i have like 45000 in debt, and i'm a single dad on low income, im expected to get back almost 3000, i only made like 11000 for the year
should i file my taxes before or after i file for bankruptcy.
i plan on using it for lawyer fees if i can. and for my son
2014-10-01 22:10:04 · answer #2 · answered by ? 1 · 0⤊ 0⤋
It does not matter. The bankruptcy court has 1 year to go back and open your case even after your bankruptcy has been discharged. If you can prove that the money is needed/used for catching up rent or other nessacery bills they will not take it. You can go to the website below. There are some very knowledgable people on there. When I filed BK pro se this where I went to get support and ask questions. The best thing to do is talk to a lawyer. Most give free intial consultations. Hope this helps!
2007-01-24 19:08:22 · answer #3 · answered by wilsona1001 2 · 0⤊ 0⤋
I filed bankruptcy in 10/2004 and received my refund in 2005. I am not sure what type you filed...Chapter 7, Chapter 13...but I filed 13 so I was able to keep my home and car and I repay a precentage of my debt to the Bankruptcy Court and they distribute the monies out accordingly. I am not sure what State you live in so it may be different herein South Carolina. But...I did get to keep my FULL refund.
2007-01-27 19:23:25 · answer #4 · answered by Pam T 2 · 0⤊ 0⤋
If you file bankruptcy before you get your taxes then the government will keep your tax refund and put it towards your debt.
2007-01-24 17:58:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You need to look at consolidating all your debt into payments you can afford before even thinking about filing for bankruptsy. What you are doing will ruin your credit. As far as your taxes though you need to file on time- bankruptsy doesn't happen immediately it does take time.
2007-01-24 17:58:51 · answer #6 · answered by cat 4 · 0⤊ 0⤋
I would definitly consult your attorney.. One thing to watch out for is the IRS to levy tax if your creditors write off your debt.
2007-01-24 17:59:21 · answer #7 · answered by worldsource19 3 · 0⤊ 0⤋