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Your friend and you both went chapter 7 why are they taking your income tax refund and not hers the y did not say you had to pay something off.just that you had to give it to them?
Wiki User
∙ 16y ago
I'm relying on previous discussions on this -
Apparently, it's handled differently by different courts. Some always take it others seem to have a limit up to which they don't care. Yet others seem to rely on when you filed and when your earnings for the year were....seemingly applying if you have a refund that is mostly due to pre-petition earnings (and hence overpayment there from) then the refund is due back to your creditors, but if you made (or paid over) your tax post petition....then you keep it.
Wiki User
∙ 16y ago
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Is there a income limit for filing chapter 7 for an individual?
No. The question is, do you make enough money to be over the median income for your state, then do your expenses leave you with no income to do a Chapter 13 Plan.
If you have a chapter 7 discharged and then something happens with your home can you open a chapter 13 to save your house then you change your mind and the chapter 13 is dismissed what does thi?
What happens if you have paid all fees for a chapter 7 bankruptcy and your trustee tells you to turn over your income tax check and you don't because you are laid off and you are using the income tax check to pay bills and medical expenses and the trustee has threaten to revoke your bankruptcy due to non payment of your income tax check
Does income count AFTER you file chapter 7?
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
Can you file bankruptcy with income coming in?
Yes, you can file with an income coming in, which chapter of bankruptcy you file depends on your income
How much will a trustee take out of your monthly income in a chapter 13 bankruptcy Is it a certain percentage?
It's your disposable income. The debtor files a statement of income and expenditures. The expenditures cannot be unreasonably high. The chapter 13 payment is the difference between the income and expenditures.
Do you need a minimum income to qualify for a chapter 7 bankruptcy?
No.
Is there a period of time after filing for bankruptcy you should wait for income that isn't affected?
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
What were the chapter 7 bankruptcy laws in 2001?
Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
Is your social security retirement income exempt for chapter 7 bankruptcy?
yes
When a corporation receives a dividend from another corporation how is it taxed?
Dividends are income to the receiving corporation. If it is a sub-chapter S corporation, it is income to the shareholders, as is any other income of the corporation.
Can a person with only social security income file chapter 7 to discharge their medical debts if they live with their parents?
In a word yes. You sound like a perfect candidate for chapter 7 bankruptcy. The court looks at an individual's income, which would include the social security income, and the debtor's expenses. The income is listed on schedule I and expenses on schedule J. To file chapter 7 there cannot be any disposable income (the difference between the income and expenses) left over. If money is left over, then the court would say, you have money left at the end of the month, so file chapter 13 and pay your creditors that amount. I assume your social security income is low, but since you live with your parent's maybe your expenses are not high. Again, your expenses need to be basically the same of a negative to file chapter 7. Hope that made sense and helped.
Do have to work in order to file a chapter 13?
You must be generating a steady income to file chapter 13 bankruptcy, regardless of whether it is earned income. If you don't currently have income, chapter 7 most likely is the better way to file bankruptcy. There is an excellent book that gives you a substantial perspective on filing chapter 7 or chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?", 3rd edition, by Stephen Elias (published in 2009 by Nolo) -- I found it in the Colorado Springs public library at 346.078 E42N (Dewey decimal system).
