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Income tax returns

Submitted by on Fri, 07/28/2006 - 11:22
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Is it true that if you file 4 bankruptcy that you turn over your income tax returns for the rest of your life???

Someone told me this.

Just curious.


i was wondering the same thing if income taxes will be taken,, i do get a good bit back from claiming 3 kids but it is used to keep caught up on things and for emergencies that may come up.. my attourny told me that i could use some of my exemptions for teh $ that i would would recieve since i can claim a good bit of exemtions and have not nearly the amount of stuff to exempt.. does that sound right to anybody?


Submitted by on Sat, 11/04/2006 - 14:01

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Just curious.

Link deleted as per forum rules - Mike


Submitted by on Sun, 11/05/2006 - 02:26

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When I a chpt. 13 my taxes were never taken. I don't believe they are taken only in the cases of child support and defaulted student loans. Because when you think about it, you are filing bankruptcy to get relief of your debts, and bankruptcy either you make a repayment plan with your creditors and it is approved by the court and then discharged upon successful completion or you file a chpt. 7 where your debts are abolished by the court. So if the debts are abolished by the courts, how could they take your tax refuns in the future, there would be no debts for them to go towards.


Submitted by WHEREAMI? on Sun, 11/05/2006 - 04:28

WHEREAMI?

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Hmm... if I recall correctly we were told to get the refund and spend it. So we did. We filed in December of 2002 and was discharged in april of 2003, so was all during tax season. I have read some things elsewhere about people losing their refunds though. Best bet is to ask an attorney. Better yet, call a few.


Submitted by bobbie on Sat, 11/18/2006 - 10:37

bobbie

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This is the law regarding refunds and bankruptcy

"Chapter 13--Income tax refunds are returned to taxpayers.

Chapter 7--The refund is held until a discharge is issued.

Chapter 11(business filed bankruptcy)--Treasury will apply corporate officer refunds to the business debt.

Chapter 11(corporate officer filed bankruptcy)--If a plan has been confirmed and there are post-confirmation debts, Treasury will apply corporate officer refunds to post-confirmation assessments
"


Submitted by PDLFREE on Sun, 11/19/2006 - 20:00

PDLFREE

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where did u find this information at ashley?just curious thats all.. my bankruptcy attourney told me i could use mine as part of my exemptions since i dont have much to exempt and my exemptions are high since my husband and i will be filing together


Submitted by on Mon, 11/20/2006 - 05:45

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