Legal Question in Bankruptcy in Ohio

Tax return

I want to be able to keep my tax return for 1992 and I have to file bankruptcy. Can you keep upto a certain amount? Does a certain number of days need to pay after you file taex or get taxes that you can keep the money? How many days before you file bankruptcy must pass before you can keep the return? Pls let me know how this works. Any info is appreciated. Thank you.


Asked on 1/22/03, 12:32 pm

1 Answer from Attorneys
Jay Maynard Attorney at Law

Re: Tax return

Taxes not filed in 1992 normally have no significance in your filing bankruptcy 11 years later. The Trustee normally requires tax returns for the past 2 years.

As far as keeping your tax refund, there is no set "number of days" to wait so that your tax return is not subject to turnover to the Trustee. Each is decided on a case-by-case basis. I have experienced some clients able to keep 100% of their tax refund, others have to pay a portion to the Trustee and others must turn over the entire amount. The determination is made by the Trustee and depends on your overall debt picture.

If you would like to personally speak with my paralegal, please feel free to call toll-free 1-800-681-2068.

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Answered on 1/22/03, 1:51 pm


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