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2012 tax return

Gilbert, AZ |

My bankruptcy was filed march 20 , 2012 and discharged August 20 , 2012 . I was told that my 2011 was subject to be taken by the Trustee . I think I may get a small refund for 2012 filing is this refund subject for surrender to Trustee SA well ?

Attorney Answers 5

  1. You need (and needed) to ask your lawyer. You don't say if your case is still open, how much you received or expect in refunds, how you planned your exemptions, whether you disclosed the refunds, etc. All we can do is guess, or say "maybe."

  2. Probably not. Did he/she ask you to send him/her copies of your 2012 tax returns? If not, I would not worry about it. BUT, pass this question by your attorney.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662. Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 26 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid.

  3. Ask your attorney. If you did not have one, then the answer is "maybe". There is a Self-Help Center at the Bankruptcy Court. You might make an appointment to talk to one of the volunteer attorneys.

    This firm is in the business of helping people and companies file for bankruptcy protection. Therefore, the bankruptcy code requires that we call our firm a "debt relief agency." This information is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the related issues. Nor is this advice intended to create a client - attorney relationship. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.

  4. Your trustee should already have your 2011 tax returns. I presume from what you are saying that you filed your 2011 taxes after you filed BK. If so that was an issue that should have been considered prior to filing. As for your 2012 taxes, you have to submit them to the trustee. Depending on the amount of the refund the trustee might ask for his/her portion of those returns.

  5. As the other attorneys recommended, speak with your bankruptcy attorney. There are a few issues to this. (1) A portion of the year had already occurred, so the bankruptcy estate includes a percentage of your refund. March 20 was the 80th day of the year, and there were 366 days last year (it was leap year), so the estate has a claim for 80/366 of your refund, or about 22%.
    (2) If the trustee took your 2011 refund, then the Trustee has already made the determination that a reasonable distribution will occur. This makes it more likely the Trustee will want 22% of 2012's refund. (3) The trustee may have issued a report of no distribution, and this makes it less likely that the Trustee will ask for copies of your 2012 returns. (4) The case may also be closed, making it less likely as well. However, as to (3) and (4), the Trustee has the power to require you to produce the return even if the case is closed and/or the Trustee already issued the report. If the Trustee requests the copy, provide it. And if the Trustee requires you to turn over the Refund, you need to do so. Even then, the Trustee is only entitled to 22% and should refund the rest to you.

    I am an Attorney with Fife & Cesta, a compasionate bankruptcy firm conveniently located off the US 60 in Mesa, Arizona. In addition to our other areas of practice, Fife & Cesta is a debt relief agency. We help people and families file for relief under the bankruptcy code. The answers given here are based on the information in the question, but for a complete answer you should have a consultation with an attorney you trust. Call (480) 850-6541 for a free bankruptcy consultation. We carefully evaluate your situation and give you real advice.

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