2007-09-22 08:48:49 · 8 answers · asked by Barefoot Betty 3 in Business & Finance ➔ Taxes ➔ United States
uhh- I dont believe I asked anyones opinion on bankruptcy.. or the people who abuse it. shame on you for making assumptions, (un)logicboy!!
2007-09-22 10:20:02 · update #1
Your tax refund is considered property of your estate pro-rata. For example 5/6 of your tax refund in 2007 as of October would be part of your bankruptcy estate. Whether this is at risk depends on the exemptions available in your particular state. These vary. Ask your lawyer. Be sure your lawyer includes your tax refund as an asset and claims the appropriate exemption.
2007-09-23 15:00:37 · answer #1 · answered by DLeibowitz 5 · 0⤊ 0⤋
If you filed chapter 7 all your debts have been wiped out. Claims can still be filed against your refund (back taxes, child support, student loans, etc) but not for any debt that was discharged by bankruptcy.
If it had been Chapter 13 answer may be different, in my state you get to keep your refund
Call your lawyer and ask him, he is the authority on the laws in your state.
2007-09-22 20:20:14 · answer #2 · answered by Charlie & Angie G 4 · 0⤊ 0⤋
I can only hope so. That is unless you're filing bankruptcy due to a sickness, death or disability. Other wise I hope they grab every red cent! Now, I wouldn't wish that on you if you lost your job, or had a sick family member move in your home However, if this was just financial disregard, lavish living or spending I hope they can garnish every stinking cent out of your refund! Unless, you're some Katrinia Victim, or had some other natrual disaster in your area and your greedy insurance company wouldn't pay, then I hope you get to keep your refund, but I would venture to say that isn't the case, and you just got over your head like most silly Americans and thought you could charge your way out of an already bad situation! Anyway, good luck kid!
2007-09-22 09:04:26 · answer #3 · answered by logicboy 3 · 1⤊ 2⤋
It depends on several factors, when you file, what your assets are, and what kind of refund you expect to receive. If you haven't filed yet, discuss it with your attorney, you may be able to exempt it. If you have already filed, the bankruptcy trustee will bring it up at your 341 hearing if they may want it. If the trustee doesn't mention it, I wouldn't worry about it.
2007-09-22 17:16:41 · answer #4 · answered by Amy F 3 · 0⤊ 0⤋
Possibly, yes. Depending upon the facts and the timing of your BK filing, any tax refunds may be considered assets of the BK estate and may be taken to settle the various debts.
2007-09-22 12:29:24 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you can't claim it as exempt, right now is September, so trustee could claim 9/12ths of it, if you wait until Januay, zero.
2007-09-22 11:53:33 · answer #6 · answered by Anonymous · 0⤊ 1⤋
You can adjust your withholding to increase your current take home pay and minimize any refund.
2007-09-22 08:57:20 · answer #7 · answered by Anonymous · 2⤊ 0⤋
Unless you listed it as one of the assets you were claiming as exempt, the trustee will insist on grabbing it.
2007-09-22 08:52:02 · answer #8 · answered by Anonymous · 1⤊ 2⤋