The Law Offices of Katie M. Stone | Katie M. Stone
Do you usually receive a refund? If you file bankruptcy before you file your taxes and receive a refund, you will most likely have to turn over the refund to the bankruptcy trustee/estate. If you do not receive a refund, then you can file now and it should not matter. You will probably have to give them a copy of your return when you do file. I hope you found this answer useful.
Answer Applies to: Florida
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You need to receive your tax refund before you file BK, or the Chapter 7 Trustee will take the refund. The Trustee can not touch any of the Earned Income Credit portion or your tax refund, and depending on what State you live in, normally can not touch any of the Child Tax Credit portion of the refund. I am a "belt & suspenders" kind of lawyer, so I would wait until you receive the refund and then file your BK. If the refund is large, get a list of "exempt" property from your attorney so you can spend your money on those items, as well as normal living expenses.
Answer Applies to: Colorado
Lynch Law Offices, P.C. | Roseanne N. Lynch
I don't think that it matters. You must have all taxes for all years filed at the time you file for Bankruptcy but you are given until April 15th to do so. You should speak to a lawyer about the Bankruptcy just in case there may be a reason to wait on filing either your taxes or the Bankruptcy.
Answer Applies to: Illinois
Kirby G. Moss PC | Kirby G. Moss
It doesn't matter as to the act of filing the return. Where it could matter is if a refund is significant, you may want to file the taxes, receive your refund and spend it, before filing bankruptcy so you won't lose it in the bankruptcy.
Answer Applies to: Indiana
Ross Smith, Attorney at Law | Charles Ross Smith III
If you must file your bankruptcy right now, then it does not matter when you file your taxes. The refund will be considered part of the bankruptcy either way. The only way to exclude your refund is to actually collect it and spend it down CORRECTLY with your attorney's advice, BEFORE you file. You can use your refund to pay attorney fees, among other things. Some or all of your refund may be exempt, anyway. You will have to ask your attorney to explain how the exemptions apply to your particular situation. Each case is different. Good luck.
Answer Applies to: Ohio
Garner Law Office | Daniel Garner
It is not necessary to file a tax return before it's due just because you're filing bankruptcy, but any refunds for which you qualify would be considered an asset. The bankruptcy exemptions you can use will be those of your current home state if you have lived in the same state for the past 2 years. If you can exempt your anticipated tax refunds, then it is OK to file bankruptcy first. But if you cannot exempt the tax refunds on your bankruptcy, then it would be wise to file your taxes first, get your refund, and then file bankruptcy afterwards.
Answer Applies to: Oregon
R. Steven Chambers PLLC | R. Steven Chambers PLLC
It depends on whether you expect a refund or not. If you file bankruptcy before you file your taxes, the trustee will take your refund. If you file taxes, get your refund and spend it and then file bankruptcy there will be nothing for the trustee to take. However, you should consult with an attorney about the best strategy in your case and what to spend the money on. If you don't expect a refund, it doesn't make any difference whether you file taxes first and then bankruptcy or vice versa.
Answer Applies to: Utah
A Fresh Start | Dorothy G Bunce
There is no easy answer to this question. Depending on the size of the refund and the source of the refund, for example, if the refund is due to earned income credit or is relatively modest, say under $1,200, it may be possible to file bankruptcy right away & still keep the entire refund. You would need to review all the exemptions available to you to help you figure out the answer.
Answer Applies to: Nevada
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
it depends on what exemptions are available to you. without knowing the numbers, I can't answer this. But even if you wait to file if the refund is significant the trustee could hold the case open until you file the return. In any event you have to disclose what you think the expected refund is.
Answer Applies to: California
Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
Whether to file before or after receiving a tax refund depends on your individual situation. Arkansas has generous exemptions available to most debtors but your question can best be answered by a qualified bankruptcy attorney because there are many factors that affect the timing of filing.
Answer Applies to: Arkansas
Cohen & Kendziorra, P.A. | Robert S. Cohen
If you are expecting a tax refund, then I would file my 2013 income tax return before you file bankruptcy and when you receive the refund then spend it on everyday living expenses or on attorney fees if you want to use an attorney to file bankruptcy, otherwise if you file your returns after you file bankruptcy, some if not all your refund may have to be turned over to the bankruptcy trustee. If you will not receive a refund, then you can file now but you will be expected to file the return during the pendency of the bankruptcy case.
Answer Applies to: Florida
Elkington Law | Sally Elkington
If, you won't owe any money on the taxes that you were about to file, then it doesn't matter when you file it. You could file it before you file bankruptcy or after the bankruptcy. As long as you file within the period of time you're supposed to. If you are going to get a refund, make sure in the bankruptcy that you protect the refund with an exemption. If you were going to owe money after you file your taxes, then it of depends on whether you file a Chapter 7 or Chapter 13. If you file a Chapter 7, it should not make any difference. If you file a Chapter 13, then it might make a difference, and you should go see a qualified bankruptcy attorney with your completed, but not filed tax return.
Answer Applies to: California
Hoang & Tran PLLC | Adam Tran
Individual tax returns are generally due by the 15th of April or you can get an extension to October. You should assess your situation based on the IRS deadlines. Bankruptcy can be done any time, but a refund from the IRS may or may not be exempt depending on your situation.
Answer Applies to: Texas