taxes and ch7

[kimsch72]

What is the name of your state? south carolina
my husband and i filed ch7. our creditors meeting is on the 21st of january. we have all our w2 to file our taxes. should we file and just hope that the trustee wont take the taxes. will we find out at our creditors meeting if the trustee is going to take them or do we just file and find out they have already been taken. we have a no asset case. we just dont know if we should wait till the creditors meeting and ask the trustee or file now and if he wants them we give the refund to him. thanks for all your help. our refund is a nice one this year. can we claim it is exempt. i know we can exempt $2000.00 cash between the both of us as part of our exemptions. do i need to ammend the schedules to do this. it is going to be $1605.00 my husband was in a combat zone for part of last year so it is a bigger refund for us. any help would be great.

 

[Ladynred]

Use the exemption !!! It IS possible to exempt tax refunds that Trustee's will usually take. If you do NOT put it in your exemptions, amend your schedule, then the Trustee is most definitely going to tell you to turn over the tax refund check to him/her !

 

[kimsch72]

we would like tp exempt this years tax refund. do we put it both under schedule b and c.
for schedule b there is 3 places that we can put this refund info. do we put it under
#1 - cash in hand. i know our exemption is 2000.00
#17- other liquidated debts owing debtor including tax refunds,
or
#20 -other contingent and unliquidated claims of every nature, including tax refunds, counterclaim of the debtor, and rights to setoff claims. give estimated value of each.


our return is going to be $1605.00.

i know it then needs to be placed on schedule c property claimed as exempt.

do i need to file this with the court before the creditors meeting. ours is in 1 week from today or can i take it with me to the creditors meeting and let the trustee know then. thanks for all your help.

if our taxes get claimed as exempt then how long do we have to wait to file the taxes. we really need this money as we are expecting out first child and there is many things to buy and get ready for. thanks again

 

[Ladynred]

I believe either #17 or #20 would do, but #17 would likely be the best spot, it says 'give particulars' so you can easily explain the tax refund.

You can amend schedules any time. If it were me, I'd get the amendment filed BEFORE your 341 meeting. Since its only a week away, I'd have a copy of the amended schedules with me at the 341 meeting, just in case.

 

[kimsch72]

do you kbnow which exemption code i would list. the exemption for cash and liquid assets for south carolina - only if you atre not claiming homestead.is the only i could find that it may fall under. do you have any suggestions. it is sc code 15-41-30(5). do i need to turn in schedule b, c and the amenment cover sheet. in the state of south carolina if you filed a joint petition is the exempt amount doubled. thanks for all your help.