Comments on: Will I lose my income tax refund if I file Chapter 7 bankruptcy in Oklahoma? http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/ Oklahoma's trusted source for accurate and reliable information about consumer bankruptcy. Written by Tulsa bankruptcy attorney Dan Nunley who helps Oklahoma consumers and small business owners get relief from serious debt problems through Chapter 7 and Chapter 13 bankruptcy. Sat, 31 Jul 2010 00:12:30 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3583 Dan Nunley Fri, 23 Apr 2010 03:00:18 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3583 Amy, As I am licensed to practice law only in Oklahoma and you appear to live in Nevada, I cannot give you legal advice. I would suggest that you contact a knowledgeable bankruptcy attorney near you. I wish you well. Dan Nunley Amy,

As I am licensed to practice law only in Oklahoma and you appear to live in Nevada, I cannot give you legal advice. I would suggest that you contact a knowledgeable bankruptcy attorney near you. I wish you well.

Dan Nunley

]]> By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3582 Dan Nunley Fri, 23 Apr 2010 02:54:57 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3582 Stephanie, Since I am licensed to practice law only in Oklahoma and you apparently live in Florida, I am prohibited from giving you legal advice. However, I will say this. When a person files bankruptcy, if there aren't exemptions available to exempt or protect an income tax refund, then the portion of the refund that is attributable to the time from January 1 until the date the bankruptcy was filed is property of the bankruptcy estate and can be administered by the trustee. The bankruptcy debtor is entitled to keep that portion of the refund attributable to the time from the date the bankruptcy case was filed through December 31. From what you have said, it appears that you filed your Chapter 7 bankruptcy petition on or about November 17, 2009 because January 1, 2009 to November 16, 2009 equals 320 days which is basically 87.94% of the calendar days in 2009. For specific legal advice regarding your situation and your options, I would suggest that you contact your bankruptcy attorney or another bankruptcy attorney near you in Florida. Dan Nunley Stephanie,

Since I am licensed to practice law only in Oklahoma and you apparently live in Florida, I am prohibited from giving you legal advice. However, I will say this. When a person files bankruptcy, if there aren’t exemptions available to exempt or protect an income tax refund, then the portion of the refund that is attributable to the time from January 1 until the date the bankruptcy was filed is property of the bankruptcy estate and can be administered by the trustee. The bankruptcy debtor is entitled to keep that portion of the refund attributable to the time from the date the bankruptcy case was filed through December 31. From what you have said, it appears that you filed your Chapter 7 bankruptcy petition on or about November 17, 2009 because January 1, 2009 to November 16, 2009 equals 320 days which is basically 87.94% of the calendar days in 2009.

For specific legal advice regarding your situation and your options, I would suggest that you contact your bankruptcy attorney or another bankruptcy attorney near you in Florida.

Dan Nunley

]]> By: Stephanie http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3579 Stephanie Fri, 23 Apr 2010 00:26:01 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3579 My husband and I filed chapter 7 bankruptcy and I was told by my attorney that I would not have to worry about the trustee taking our tax refund because we did not exceed the amount in assets that is allowed but now I just got a letter in the mail from the trustee saying that she needs a copy of my 2009 tax return and that 87.94% of the refund, less earned income credit, if any, is property of the estate and must be turned over upon receipt. I'm confused and don't know what that means. Can you please explain to me? Me and my husband were not able to receive the earned income credit because he made over the certain amount allowed but we did get a refund back months ago and have already spent it. Please explain this to me if you can!! My husband and I filed chapter 7 bankruptcy and I was told by my attorney that I would not have to worry about the trustee taking our tax refund because we did not exceed the amount in assets that is allowed but now I just got a letter in the mail from the trustee saying that she needs a copy of my 2009 tax return and that 87.94% of the refund, less earned income credit, if any, is property of the estate and must be turned over upon receipt. I’m confused and don’t know what that means. Can you please explain to me? Me and my husband were not able to receive the earned income credit because he made over the certain amount allowed but we did get a refund back months ago and have already spent it. Please explain this to me if you can!!

]]> By: Amy http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3567 Amy Wed, 21 Apr 2010 18:57:31 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3567 We filed bankruptcy in July 2009, did not reaffirm our mortgage, and received our discharge in Nov. 2009. My question is if I now attempt to apply for home modification through the bank before the final foreclosure, will I have any tax liability if the modification fails? Or should I just let it foreclose since we have already surrendered the home via Chapter 7 to avoid paying any taxes? Thank you very much!! We filed bankruptcy in July 2009, did not reaffirm our mortgage, and received our discharge in Nov. 2009. My question is if I now attempt to apply for home modification through the bank before the final foreclosure, will I have any tax liability if the modification fails? Or should I just let it foreclose since we have already surrendered the home via Chapter 7 to avoid paying any taxes? Thank you very much!!

]]> By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3516 Dan Nunley Tue, 13 Apr 2010 13:37:46 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3516 Danielle, If your Chapter 7 trustee filed a Report of No Assets and your case has been administratively closed then it is too late for the trustee to seek the turnover of your 2009 income tax refund. The trustee would have only been entitled to that portion of your refund attributable to the income you earned from January 1, 2009 to the date you filed your bankruptcy in April, 2009 less any amount attributable to the earned income credit. Dan Nunley Danielle,

If your Chapter 7 trustee filed a Report of No Assets and your case has been administratively closed then it is too late for the trustee to seek the turnover of your 2009 income tax refund. The trustee would have only been entitled to that portion of your refund attributable to the income you earned from January 1, 2009 to the date you filed your bankruptcy in April, 2009 less any amount attributable to the earned income credit.

Dan Nunley

]]> By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3515 Dan Nunley Tue, 13 Apr 2010 13:31:17 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3515 John, Thank you for your questions. Unfortunately, as I am licensed to practice law only in Oklahoma, and you appear to live in Floriday, I cannot give you legal advice. I would suggest that you contact the attorney who represented you in your bankruptcy or if you represented yourself, seek an answer from a knowledgeable bankruptcy attorney near you. I wish you well. Dan Nunley John,

Thank you for your questions. Unfortunately, as I am licensed to practice law only in Oklahoma, and you appear to live in Floriday, I cannot give you legal advice. I would suggest that you contact the attorney who represented you in your bankruptcy or if you represented yourself, seek an answer from a knowledgeable bankruptcy attorney near you. I wish you well.

Dan Nunley

]]> By: Danielle http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3509 Danielle Mon, 12 Apr 2010 03:28:55 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3509 Hi! I filed in Canadian County, OK and I filed Chapter 7 in April 2009 and received my discharge in July of 2009. I lost my home, second mortgage and TONS of credit cards - over $100,000 in debt. I just filed my taxes for 2009 and it appears that I should be receiving $2600.00 back on my taxes this year. I've never filed before - and my lawyer from when I filed has since retired. If I get my refund, what should I do? The IRS is telling me there is no current hold on my refund. The banks have not completely taken the house back, but have started the foreclosure process. Who should I contact if the trustee doesn't get my tax refund first? Is it possible I won't have to give my tax refund up? Thank you! Hi! I filed in Canadian County, OK and I filed Chapter 7 in April 2009 and received my discharge in July of 2009. I lost my home, second mortgage and TONS of credit cards – over $100,000 in debt. I just filed my taxes for 2009 and it appears that I should be receiving $2600.00 back on my taxes this year. I’ve never filed before – and my lawyer from when I filed has since retired. If I get my refund, what should I do? The IRS is telling me there is no current hold on my refund. The banks have not completely taken the house back, but have started the foreclosure process. Who should I contact if the trustee doesn’t get my tax refund first? Is it possible I won’t have to give my tax refund up? Thank you!

]]> By: John http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3492 John Fri, 09 Apr 2010 00:22:40 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3492 I would appreciate your comment on this issue. I filed for chapter 7 on Feb 6, 2009 and was discharged in May of 2009. I paid over 12k in a tax refund for 2008 to my trustee. The amount of the refund was related to considerable real estate investment losses (which ultimately lead me down the path of chapter 7) rather than "over payment" from income. Now I'm looking at another pretty big refund as a result of losses from previous years (limits prevented from those losses being filed during the year of the actual loss). My questions are 1) was the trustee entitled to ALL of my 2008 refund or just the portion of my refund that was the result of over payment related to income and 2) because the amount of my 2009 refund is related to losses from previous years, is the trustee entitled to more than the prorated amount of my 2009 return?? Thank you very much! I would appreciate your comment on this issue. I filed for chapter 7 on Feb 6, 2009 and was discharged in May of 2009. I paid over 12k in a tax refund for 2008 to my trustee. The amount of the refund was related to considerable real estate investment losses (which ultimately lead me down the path of chapter 7) rather than “over payment” from income. Now I’m looking at another pretty big refund as a result of losses from previous years (limits prevented from those losses being filed during the year of the actual loss). My questions are 1) was the trustee entitled to ALL of my 2008 refund or just the portion of my refund that was the result of over payment related to income and 2) because the amount of my 2009 refund is related to losses from previous years, is the trustee entitled to more than the prorated amount of my 2009 return??

Thank you very much!

]]> By: Dan Nunley http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3293 Dan Nunley Fri, 05 Mar 2010 16:20:23 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3293 Michelle, As I am licensed to practice law only in Oklahoma and you appear to live in Colorado, I cannot give you legal advice. I would suggest that you contact a knowledgeable bankruptcy attorney near you for legal advice. You may want to use the <a href="http://www.nacba.org/attorneyfinder/" rel="nofollow">Attorney Finder</a> provided by the National Association of Consumer Bankruptcy Attorneys. I wish you well. Dan Nunley Michelle,

As I am licensed to practice law only in Oklahoma and you appear to live in Colorado, I cannot give you legal advice. I would suggest that you contact a knowledgeable bankruptcy attorney near you for legal advice. You may want to use the Attorney Finder provided by the National Association of Consumer Bankruptcy Attorneys. I wish you well.

Dan Nunley

]]> By: Michelle http://www.oklahoma-bankruptcy-attorney.com/faqs/will-i-lose-my-income-tax-refund-if-i-file-chapter-7bankruptcy-in-oklahoma-2/comment-page-1/#comment-3128 Michelle Mon, 01 Mar 2010 03:44:23 +0000 http://www.oklahoma-bankruptcy-attorney.com/?p=2106#comment-3128 I have already received my tax refund of $4100 in mid-February and have already spent about $1000 on bills, household items, toys and educational items for my special needs daughter. I can prove the portion that was spent on bills with my bank account statement, however I always take my receipts to my work and have them professionally shredded. Therefore I don't have proof of everything that wasn't spent on bills. My question is whether or not I will be obligated to give up the remaining $3000 dollars in my bank account from my tax refund or will I be able to keep it. I intend on filing for chapter 7 within the next month and will still need some "fall back money" for unexpected car repairs, lost wages from sick days, educational toys and items fro my daughter, and medical visits as I don't have any health insurance. Am I allowed to close the account prior to filing? Can 25% of my income still be garnished through bankruptcy? I receive food stamps, medicaid (for my daughter) and daycare assistance and take home only about $1300 a month. Could I be exempt from having any of my money taken? Are there exceptions from my money being take if I am a single mom of a special needs child? She is 3 and and has PDD (an autistic spectrum disorder) ADHD, sensory processing disorder, fine motor disorder, speech delay and feeding disorder. I have already received my tax refund of $4100 in mid-February and have already spent about $1000 on bills, household items, toys and educational items for my special needs daughter. I can prove the portion that was spent on bills with my bank account statement, however I always take my receipts to my work and have them professionally shredded. Therefore I don’t have proof of everything that wasn’t spent on bills. My question is whether or not I will be obligated to give up the remaining $3000 dollars in my bank account from my tax refund or will I be able to keep it. I intend on filing for chapter 7 within the next month and will still need some “fall back money” for unexpected car repairs, lost wages from sick days, educational toys and items fro my daughter, and medical visits as I don’t have any health insurance. Am I allowed to close the account prior to filing? Can 25% of my income still be garnished through bankruptcy? I receive food stamps, medicaid (for my daughter) and daycare assistance and take home only about $1300 a month. Could I be exempt from having any of my money taken? Are there exceptions from my money being take if I am a single mom of a special needs child? She is 3 and and has PDD (an autistic spectrum disorder) ADHD, sensory processing disorder, fine motor disorder, speech delay and feeding disorder.

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