I recently filed chapter 7 bankruptcy in Illinois will I be able to keep my tax refund?

I recently filed chapter 7 bankruptcy in Illinois will I be able to keep my tax refund?

Maybe. You have not provided enough information.

Published on 17 Jan 2010 in chapter 7 bankruptcy, by admin

6 Comments >>

This entry was posted on Sunday, January 17th, 2010 at 1:20 pm and is filed under chapter 7 bankruptcy. Follow the comments through the RSS 2.0 feed. You can post a comment, or leave a trackback.

Comments:

  1. Yeah I'm Talkin' 2U 2 Said:

    Yes
    References :


    January 17th, 2010 at 6:49 pm
  2. drive_55_not Said:

    Depends,

    Your trustee will take any non-exempt funds to pay creditors,

    Looks like Illinois has a 2-grand personal exemption, anything over that is in play,,,

    Good luck,,,
    References :


    January 17th, 2010 at 7:18 pm
  3. tro Said:

    if the b/k has been finalized, that contract is now in effect, if the documents indicate that future refunds will be withheld, whatever the contract states will be
    otherwise, if future refunds are not addressed in the b/k yes, you should get any refunds
    References :


    January 17th, 2010 at 7:57 pm
  4. Max Hoopla Said:

    Maybe. You have not provided enough information.
    References :


    January 17th, 2010 at 8:23 pm
  5. Colton Said:

    http://diylegalinfo.com/bankruptcy_Links.html has a lot of information on bankruptcy questions, how to handle them yourself and other information.
    References :
    http://diylegalinfo.com/bankruptcy_Links.html


    January 17th, 2010 at 8:51 pm
  6. Dark Green Money Said:

    It will be discussed at your 341 meeting along with the rest of your assets.
    Look at your petition.
    Schedule B, #18 "Other Liquidated Debts Owing Debtor Including Tax Refund"
    Best case is if your estimated refund is listed here and fully exempt using your $4000 Wildcard exemption.
    Second best is if it wasn’t listed, but you have remaining unused value in your wildcard exemption. Most TTs won’t make you ammend to list/use it.
    Third best is if the TT flakes out and forgets to ask (unlikely at this this time of year).
    Fourth best is if your refund is based on EIC (fully exempt).

    But if not of those apply, he can make you fork it over.
    References :
    http://www.bkworker.blogspot.com/


    January 17th, 2010 at 9:35 pm

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