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Can someone please explain this? (taxes after Chp 7)

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Can someone please explain this? (taxes after Chp 7)

Tomorrow is my 341 meeting for Chapt 7. I was told by my atty that I will have to give my tax return for the year I file (this year 2018) next year? Something about a $4000 wildcard, and something about the balance that was in my checking when I filed? I have been told by others they didn't have to hand over their return? I do not owe the IRS anything. Can someone please help me understand how this works? 

 

Thanks for reading Smiley Happy 

 

Message 1 of 6
5 REPLIES 5
Frequent Contributor

Re: Can someone please explain this? (taxes after Chp 7)

Welcome to MyFico forums. I've never filed. That being said, is there some kind of debt that you once owed prior to BK being reported as income from those you owed?

 

I'm sure someone else will be along to help you with more information.

 

Good Luck!






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Message 2 of 6

Re: Can someone please explain this? (taxes after Chp 7)

I am sorry I am confused. I did owe the IRS at one point but I paid them in full. I only have unsecured debt and Student Loans.

Message 3 of 6
Valued Contributor

Re: Can someone please explain this? (taxes after Chp 7)

All assets must be accounted for.

If you will have a refund on your taxes, it is the same as money in the bank.

Ch7 is liquidation of non exempt assets.

If you have to hand it over, it will be to your creditors not IRS.

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Message 4 of 6

Re: Can someone please explain this? (taxes after Chp 7)

No I mean my taxes for next year. When I file my 2019 taxes next year, will I have to give the refund to the trustee?
Message 5 of 6
Frequent Contributor

Re: Can someone please explain this? (taxes after Chp 7)


@cammielewis820 wrote:
No I mean my taxes for next year. When I file my 2019 taxes next year, will I have to give the refund to the trustee?

It appears you filed in June.  Unless exempt, the Trustee is entitled to approximately 1/2 of your 2019 tax refunds (that portion of the refund that covers January 1 through your filing date.)  Whether or not he will ask for the money is not known.

 

Des.

Message 6 of 6
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