Tax returns after Ch 7

[kwalla]

What is the name of your state? New York

I have my 341 hearing on August 5. Is there a certain dollar amount that the trustee would be looking for on next year's tax return?

I was told that a "large" tax return next year would be something the trustee would be interested in. Last year, I received about $1,500 back on taxes.

1. Would he take the entire amount?

2. Is the following tax year after filing the only time to worry about this? Can he take future tax refunds?

One other question,

In May of this year, I financed a $2800 computer from Dell. When the decision was made to file Chapter 7, I tried to contact Dell to get a copy of the credit aggreement. My intentions were to prove they had a security intrest in the property. I planned on re-affirming that loan.
I was unable to reach anyone at Dell Financial that could confirm or send me the information I needed. My lawyer advised that she would file it under "unsecured debt" and not to worry about it.
I don't want to lose this computer as I need it for work reasons. Should I continue to make payments to this creditor just to be safe?

Thank you for your time.

 

[Ladynred]

1. Would he take the entire amount?

Possibly. I think a lot depends on how much you get vs. how much debt you filed on whether or not its worth their while to even bother taking it.

Can he take future tax refunds?

Not likely.

You're still paying a creditor that you filed on ??
IF Dell doesn't object in any way, then it'll be discharged. After the discharge is granted, the would have to file for Replevin in order to take it from you - or you could offer to REDEEM it - that is get a wholesale appraisal and offer them that amount. PC's devalue VERY quickly, so by the end of this year, that $2800 computer won't be worth anywhere near what you paid for it !

 

[kwalla]

***Possibly. I think a lot depends on how much you get vs. how much debt you filed on whether or not its worth their while to even bother taking it.

I will be filing a total of $44,000. All secured debts never been late/current. Tax refund could be about $1,200.00 at early estimates.

Thank you for the answer concerning the computer. I would prefer to keep this as "hassle-free" as possible. Taking your input and my lawyer's advice, I will not pay on this computer and see what happens.

I was concerned that I purchased the computer in May 2003 and filed at the end of June that same year. I had no idea that I would be filing when I bought the computer. I thought that continuing to pay on this purchase would show the trustee that it was not an act of fraud to buy something this large and then default on the payments. The thought of bankruptcy hit me the third week in June after finally taking an objective look at my financial status. Since that day, I have not used or purchased anything with credit.

 

[eloqid]

Good luck on the 341, I doubt you will need it. Mine was simple. And the trustee did take my refund (1500), and he told everyone else the refund is property of the estate. If recent, or if you will rec one.