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A.J.
A.J., Attorney
Category: Bankruptcy Law
Satisfied Customers: 4211
Experience:  Experienced consumer bankruptcy attorney.
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I am filing for chapter 7 bankruptcy. I rent an apartment,

Resolved Question:

I am filing for chapter 7 bankruptcy. I rent an apartment, and there is a year left on the lease. I will be reaffirming the lease, and have prepared a statement of intention accordingly. Do I also need to list the lease on Schedule G?

Thanks!
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  A.J. replied 1 year ago.

SavyLawyer :

Hello, and thank you for contacting Just Answer. My name isXXXXX am a bankruptcy professional, and I look forward to answering your question this afternoon.

SavyLawyer :

Yes, any ongoing lease must be listed on Schedule G.

SavyLawyer :

So long as the statement of intention reflects your intent to continue the lease personally, then there should not be a problem, but it does need to be listed on the Schedule G. Although it will be listed on the Schedule G, the trustee is highly unlikely to assume the lease, as it does not add value to the bankruptcy estate (the trustee is only interested in taking property rights that they can get value from), and as such, you have the option to assume/continue the lease, so long as the statement of intention reflects this and the creditor/landlord agrees.

SavyLawyer :

So, short answer, is yes, a residential lease is listed on Schedule G when filing a chapter 7 bankruptcy petition.

SavyLawyer :

I hope this helps, and let me know if you have any additional questions. Otherwise, please remember to RATE my answer positively so that I can receive credit for my work.

A.J., Attorney
Category: Bankruptcy Law
Satisfied Customers: 4211
Experience: Experienced consumer bankruptcy attorney.
A.J. and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  A.J. replied 1 year ago.
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Customer: replied 1 year ago.
I accepted your answer. Thank you.I have another question. If I received my tax refund 60 days before I filed bankruptcy, do I need to list that anywhere? I no longer have the money.Sorry if I didn't post this correctly. I want to be sure you are paid for the new question. Do I need to re-ask it on a different screen?
Expert:  A.J. replied 1 year ago.
No, this is fine, you can simply rate/accept this answer as well and I will receive credit, thank you for asking though, it is very considerate of you.

As for tax refunds in chapter 7 bankruptcy, if the debtor (you) has already received their refund, and it has been spent prior to filing the bankruptcy petition, then it does not need to be listed anywhere, no. Generally only assets that are in the posession of the bankruptcy debtor on the date of the filing of the bankruptcy petition need to be listed (including cash in the bank), and the bankruptcy estate that the bankruptcy trustee only includes property currently held. A tax refund that has been received and spent is no longer in the debtor's posession and thus is not a part of the bankruptcy estate.

Now, keep in mind that the bankruptcy trustee is going to know how much of a refund you got, as they are going to require that you submit to them your last 6 months of bank statements (up to the date of the bankruptcy filing) and at least 2 years of tax returns, so they will see how much the refund was, either in your most recent tax return or on your bank statement as a deposit. While generally this is fine, because people spend the money on necessities, the only time this would become a problem is if you received a large return, spent it frivolously, and then quickly turned around and filed for bankruptcy protection. This could be considered fraud and the trustee could either go after the money or seek to have the bankruptcy case dismissed as an abuse of a bankruptcy proceedings. Again, this is not common, so long as the money was not spent frivolously or given to a family member, it generally is not an issue.

So, in short, no, an already received tax refund does not need to be listed anywhere on the petition or schedules if it has already been spent, but do be aware that any income of any kind, including a tax refund, will be information that is available to the trustee and they may have questions about how it was spent, to make sure that it is not a rare case of bankruptcy fraud.

I hope this helps (I know it was probably a slightly longer answer than you anticipated), and let me know if you have any additional questions. Otherwise, please remember to RATE/ACCEPT my answer so that I can receive credit for my work.
A.J., Attorney
Category: Bankruptcy Law
Satisfied Customers: 4211
Experience: Experienced consumer bankruptcy attorney.
A.J. and 2 other Bankruptcy Law Specialists are ready to help you

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