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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I live in Florida and Im buried in credit card and student

Customer Question

I live in Florida and I'm buried in credit card and student loan debt. After careful thinking, I hired an bankruptcy attorney and I'm been making monthly payments. I 'll finish paying the attorney's fee this month. I really want to move on and get a fresh start over.

However, I have the following question: if I file my income tax now, could my return be taken away when the attorney files my petition for bankruptcy? If correct, can I postpone my income tax return through an extension, so that I could keep my income tax return later on this year?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

1) Will you be using the homestead exemption when you file? In other words, do you have a home with equity that you need to protect?

2) How much equity does your car have?

3) How much of a refund are you expecting from each return - federal, state, and city?



Edited by cfortunato on 2/6/2011 at 12:30 AM EST
Customer: replied 3 years ago.

Thanks for the quick response.

1) I do not own a house, so the first statement does not apply to me.

2) I dont have a car; I do have one, but it's on my father's name.

3) I'm expecting, I think $3400 for federal income taxes.

Also, I have around $3100 in checking and savings. I know my attorney can answers these questions, but I would have to wait until Monday.

Thanks
Expert:  cfortunato replied 3 years ago.

In Florida, the federal income tax return refund is exempt from the Bankruptcy estate. If you are only expecting to receive a federal tax refund - not state or city - you do not have to wait to file a Bankruptcy.

I think this is what you wanted to know. If not, please let me know.

Thank you!

Expert:  cfortunato replied 3 years ago.
Hi again,
Please let me know if you have any further questions.
If not, please don't forget to hit the "ACCEPT" button.
Thank you!

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