I am thinking of filing for bankruptcy within the next 3 weeks. And I was wondering if I do so and every year I always get about a 4,000 dollar tax refund, will I be able to keep that or will they take that from me since I filed for bankruptcy? Thank you for anyone who knows the answer to this!!!
2007-12-12 07:00:55 · 5 answers · asked by remmus802 1 in Business & Finance ➔ Taxes ➔ United States
It depends, you need to ask a bankruptcy attorney, but whether you'd get to keep it really depends on the jurisdiction. Some jurisdictions will let you keep up to $2,000 and have you turn the rest over. Consult with a local bankruptcy attorney, they can answer this question. If your attorney tells you not to file your taxes in january or until april, no matter how much you want that refund, listen to him/her.
2007-12-12 10:52:06 · answer #1 · answered by Lesley 5 · 0⤊ 0⤋
That will depend upon the timing of your refund and your BK filing. You need to ask your BK attorney this question. He or she is in a poistion to give you an accurate answer. Anyone here can only guess as none of us a privy to the details of your case.
2007-12-12 07:52:51 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
it relatively is going to be pronounced at your 341 assembly alongside with the the remainder of your materials. seem at your petition. schedule B, #18 "different Liquidated costs Owing Debtor including Tax Refund" superb case is that if your anticipated refund is listed right here and totally exempt utilising your $4000 Wildcard exemption. 2nd superb is that if it wasn't listed, yet you have last unused fee on your wildcard exemption. maximum TTs won't make you ammend to record/use it. 0.33 superb is that if the TT flakes out and forgets to ask (no longer likely at this this time of 365 days). Fourth superb is that if your refund is in keeping with EIC (totally exempt). yet whilst no longer of those word, he could make you fork it over.
2016-12-10 20:59:42 · answer #3 · answered by ? 4 · 0⤊ 0⤋
The advice to ask your attorney should be revised to ask your attorney RIGHT NOW so that you can time things to your best advantage. US Bankruptcy laws defer to the individual state exemption laws and they are all different.
2007-12-12 10:04:21 · answer #4 · answered by Anonymous · 1⤊ 0⤋
No it will be garnisheed to take care of your debts.
2007-12-12 07:05:20 · answer #5 · answered by Anonymous · 0⤊ 2⤋