exempt.- federal income taxes?

[kimsch72]

What is the name of your state?south carolina

my husband and i have filed a chapter 7 bankruptcy. is there a way where we can keep our 2004 tax refund. we havent filed our taxes yet. we didnt know if it would be better to wait till the bankrupcty is discharged or can we claim it under one of our exemption in schedule b and c.we really need this years refund and we are looking at the best way so that we can keep it. we basically are a no asset case and we wanted to keep our refund as we are expecting a child and we needs some things to get prepared. does anyone out there have any suggestion. all the help would be great. thanks

 

[ihatearizona]

Chances are, if you filed recently, the Trustee is going to take your refund.

 

[kimsch72]

tax refund - exempt

is there a way we can claim it as exempt and ammend our ch7 paperwork or if we wait till the bankruptcy is discharged can they still take it. we have not yet filled our taxes yet and we just inquiring if there was a way for us to keep them. thanks...someone had told me that we could claim it under our personal property (schedule b) and then claim it as exempt on (schedule c) can this be done.........thanks

 

[racer72]

Chances are, if you filed recently, the Trustee is going to take your refund.

This is actually not true in many cases. If the bankruptcy does not involve any debts that cannot be discharged in a bankruptcy, such as student loans or child support, the trustee will have no reason to take your refund.

 

[ihatearizona]

At our 341 meeting, our Trustee made it VERY clear that any tax refunds would become property of the bankruptcy estate. It is possible that it may vary from Trustee to Trustee.