QUESTION
How will my Chapter 7 bankruptcy effect our tax return?
Asked on Dec 28th, 2013 on Bankruptcy - California
More details to this question:
I had no income in 2013 so I filed an individual Bankruptcy. My husband and I generally file a joint return.
7 ANSWERS
Depending on the timing of your bankruptcy and the amount of your refund, you may have to surrender all or a portion of the upcoming refund.
Answered on Dec 30th, 2013 at 7:46 PM
Any debt forgiveness you obtain in a bankruptcy is not taxable. It should have no effect on your tax return.
Answered on Dec 30th, 2013 at 7:46 PM
Bankruptcy Chapter 7 Attorney serving Boulder, CO
at
Law Office of Paul Stuber
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The bankruptcy does not change the rules about filing a tax return. Do as you would normally do.
Answered on Dec 30th, 2013 at 7:46 PM
Bankruptcy shouldn't affect your tax return, but you may have to provide your bankruptcy trustee a copy of the return and turn over any refund to the trustee. Unless all of the refund was claimed as exempt on your bankruptcy petition, you will be required to give the refund check to the trustee to distribute to your creditors. Any portion that belongs to you will be returned to you.
Answered on Dec 30th, 2013 at 7:45 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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It won't affect your tax return.
Answered on Dec 30th, 2013 at 7:44 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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As long as you exempted out 2013 estimated tax refund, and do not owe taxes, should be fine.
Answered on Dec 30th, 2013 at 7:33 PM
Your bankruptcy should not affect your tax filing in any way.
Answered on Dec 30th, 2013 at 1:35 PM