QUESTION
I filed a chapter 7 and want to know how much of my State or Federal Tax Return the court or trustee will take?
Asked on Mar 15th, 2013 on Bankruptcy - Florida
More details to this question:
Just doing my taxes and wanting to know if I get any of my return back?
13 ANSWERS
The answer to your question depends on the exemptions available to you when and where you filed. Exemptions vary from state to state, so only an attorney familiar with your state's exemption scheme, or federal exemptions if available, can advise you on your question.
Answered on Apr 03rd, 2013 at 9:06 PM
Nothing.
Answered on Mar 18th, 2013 at 1:49 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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It depends on whether you have any of your personal exemption left, if so, they may not take any of it.
Answered on Mar 18th, 2013 at 1:49 PM
You can exempt your tax refund from the bankruptcy depending on your usage of allotted exemptions. I would definitely exempt your tax refund or the Trustee can and will request your tax refund
Answered on Mar 18th, 2013 at 1:48 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on when you filed the bankruptcy. In that you are asking the question now I am going to assume you filed at the end of 2012 or the beginning of 2013. If so, then the trustee will take all of your 2012 tax refunds. This is why most of my clients wait to file until after they receive their refunds.
Answered on Mar 17th, 2013 at 9:29 PM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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It depends how much of it you claimed as exempt.
Answered on Mar 17th, 2013 at 8:10 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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It depends on several factors, including which exemption scheme you are filed under and how large a refund you will get. That should have been determined before filing.
Answered on Mar 15th, 2013 at 4:22 PM
Deborah F. Bowinski
It will depend upon when your bankruptcy case was filed an whether any of your refund is properly claimed as exempt.
Answered on Mar 15th, 2013 at 3:20 PM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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The answer depends on where you live, when you filed bankruptcy, which exemptions you can use, and whether you were able to exempt the state and federal refunds. Talk to your attorney about this.
Answered on Mar 15th, 2013 at 1:34 PM
Chapter 7 Bankruptcy Attorney serving Santa Monica, CA
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Law Offices of Glenn T. Litwak
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Depending on your exemptions, you maybe able to keep it. You may need to amend your schedules.
Answered on Mar 15th, 2013 at 1:34 PM
How much of your refund you can keep depends on when you filed bankruptcy, what the source of the refund was, and what exemptions you selected. For example, if you filed bankruptcy on September 1, you need to worry about protecting 3/4ths of your refund, because on September 1, 3/4ths of the year was over. If you filed on December 31, you need to find a way to protect 100% of your refund. Earned income credit is 100% protected from the bankruptcy court, but you have to claim this exemption to take it. Same with the wildcard exemption of $1,000 ($2,000 for a joint filing). You can only use the wildcard that remains after applying it to your other exempt property, so little or none of this exemption may be available.
Answered on Mar 15th, 2013 at 12:59 PM
2 Awards
It depends on how much your return is. The trustee may not take it at all if it is relatively small.
Answered on Mar 15th, 2013 at 12:59 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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There may be a portion you could keep. There are ways to keep a lot or all of a refund, but you need an experienced professional to help you. It depends on your marital status, whether you listed a potential tax refund on Schedule B, the amount of the earned income tax credit and the exemptions claimed on Schedule C(assuming you properly listed the refund on Schedule B) and the date you filed the bankruptcy case (the later in 2012 you filed for bankruptcy, the less you might be able to keep).
Answered on Mar 15th, 2013 at 12:59 PM