QUESTION
Is there hope for closure in a chapter 7 bankruptcy?
Asked on Aug 08th, 2014 on Bankruptcy - Nebraska
More details to this question:
Can my chapter 7 bankruptcy continue to demand money and take my taxes forever and never close my bankruptcy case? Is there hope for closure because it is getting exhausting? What if the continued pursuit of payments began to place a stain on my overall financially stability?
6 ANSWERS
If you are talking about your tax refund, the Trustee can take all tax refunds owed to you on the date you filed, just as if it was money in a savings account. If the Trustee gets more than one tax refund, it is because YOU DIDN'T FILE YOUR TAXES ON TIME. In any event, why would you continue to over withhold taxes from your pay?
Answered on Aug 12th, 2014 at 5:01 PM
The Chapter 7 Trustee is only interested in one year of tax refunds, the year prior to your filing your BK. UNLESS, you were owed refunds for prior years. I am not sure I understand your question.
Answered on Aug 12th, 2014 at 2:41 AM
2 Awards
The trustee will only be able to take the refund accumulated during the filing date. After that the trustee must disburse and close the estate.
Answered on Aug 11th, 2014 at 12:49 PM
A chapter 7 takes about 120 days. Other than the filing fee, the payment to your attorney and counseling classes, you have no expenses, certainly no continued payment. Seems like you have the wrong idea about the process.
Answered on Aug 11th, 2014 at 12:48 PM
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The Trustee in a Chapter 7 bankruptcy is only allowed to take assets and relevant information for items which occurred before the filing date. As soon as all issues dealing with items before the filing date are resolved, then your case will be closed.
Answered on Aug 11th, 2014 at 10:34 AM
A chapter 7 trustee can only take that which the debtor is entitled to on the day of filing the bankruptcy petition and certain inheritances and winnings for a short time after the filing. Your bankruptcy attorney should advise you on the property that you are able to exempt or keep for a fresh start.
Answered on Aug 11th, 2014 at 10:08 AM