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In bankruptcy, If your self-employed will they require that I provide tax returns. I am a realtor.

Temecula, CA |

Actually an independent contractor. How will I provide my income since my 1099 shows gross before my expenses. I will not have my 2009 return prepared until October 2010.

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Attorney answers 3

Best Answer

You need to provide information concerning your income in order for the court to determine if you qualify for bankruptcy under the Means Test. Generally, self employed people like you, document your income with a financial statement not your tax return. Your attorney will tell you what you need to demonstrate your income. You must show what your income was during the 6 months period prior to filing. In the Southern District (San Diego) you must provide this documentation to the trustee prior to the 341a hearing. In the Central District (your district) you only need to provide it to the trustee if he or she asks for it.


The main issue here is that the bankruptcy trustee will want to know if you'll be receiving a tax refund that could be given to your creditors. You will also want to know that because you may want to wait until you receive a refund before filing bankruptcy. But the specific question of the need to have prepared your 2009 tax returns before filing bankruptcy (or before the meeting of creditors about a month after filing) depends on the particular trustee. Some trustees in California are already requiring 2009 tax returns before the meeting of creditors. You need to consult with a qualified bankruptcy attorney in your area.


Trustees differ on what they would like to see, so it will depend. Usually you do need to provide at least the latest tax return.

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