Can we converted to Chapter 7 so we don't have to give it up?
2007-02-01 11:29:17 · 6 answers · asked by latovat 3 in Business & Finance ➔ Credit
You have to give it up on Chapter 7 too. I filed chapter 7 two years ago and they kept my tax return.
2007-02-01 11:32:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Chapter 13 you do not have to surrender your return if you are approved on a payment plan. If you file chapter 7 most likely you will have to surrender you return. Most states give you an exemption amount, say 400 of your return you can keep.
The best course of action is to delay filing until after the BK proceedings are done.
2007-02-01 15:52:27 · answer #2 · answered by Nicholas M 3 · 0⤊ 0⤋
I never surrendered my income tax check when I filed about 6 years ago for a chapter 13. But I do live in Ohio so your court ruling might be different depending on where you live, I don't know. I still have never heard of that ever being done so I would double check with your trustee or lawyer.
2007-02-02 08:22:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You should check with your attorney if you will qualify for a Chap 7 under the new bankruptcy laws. Generally, you have to fail at a 13 to get a 7 and your income tax return is fair game for the liquidation of your assets. This is not really about what you want to do but about what you must do.
2007-02-04 18:02:07 · answer #4 · answered by CJ 2 · 0⤊ 0⤋
No, chaper 13 is a wage earners plan. Whoever told you that you give up your refund is wrong. A wage earners plan means you set aside X amount of $ per week and then after a determined amount of time $ will be sent to your creditors. This wil continue until the agreed amount of $ is paid. E.g, 50 % on all the debts owed.
2007-02-01 12:08:42 · answer #5 · answered by gene m 3 · 2⤊ 0⤋
IF YOU ALLREADY GOT UR CH 13 APPROVED THROUGH THE COURT NO
2007-02-01 11:33:08 · answer #6 · answered by Anonymous · 1⤊ 1⤋