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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have a closed checking account at US Bank with a negative

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I have a closed checking account at US Bank with a negative balance. Do I need to list that closed checking account on my Schedule B of personal property? Or only on the Statement of Financial Affairs? Chapter 7 bankruptcy in state of Missouri. Thank you.

Terry L. : Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Terry L. : If it is closed, you would not list it on Schedule B, but you would list the account on your Statement of Financial Affairs
Terry L. : #11
Terry L. : If you owe money to them still, list them as a creditor on Schedule F.
Terry L. : Only open accounts and currently owned assets are to be listed on Schedule B.
Terry L. : Do you have any other questions?
Terry L. : hello?
Customer: i dont believe i have any other questions about that
Customer: i am just frustrated that I will lose my entire tax refund due to having $627.00 worth of vacation time accrued
Terry L. : Maybe you should delay filing?
Customer: I have used my full $600.00 exemption for wildcard to cover my vacation time
Terry L. : Can you wait till you get the refund and spend it on your necessities before you file?
Customer: well i was the victim of identity theft, thus the irs said it could take up to a year to get the refund
Customer: so i have no idea even when the refund is due
Customer: or how long it will take to receive
Terry L. : hmmm
Customer: i mean its worth it to lose my $3200 tax return to file for bankruptcy and discharge my other debts
Customer: its just frustrating...
Customer: but thank you for your help with my previous question,
Terry L. : Did you use the full 1250 wildcard elsewhere?
Customer: I am single and have no children
Customer: so i only receive $600.00 wildcard exemption
Customer: i dont file as head of household
Customer: I was also told that the trustee will take a portion or all of my next years tax refund as well, and to change my deductions to receive the most money now and least amount of tax refund
Customer: in 2014
Terry L. : I see
Customer: thanks for your help
Terry L. : yes, any refund can be taken that equates to the percentage of the year
Terry L. : Yes, you should change the deductions to minimize your refund
Terry L. : Let me know if you have any other questions.
Customer: yes i just filled out my w2s and sent to employer to change deductions..thanks for your help
Terry L. : cool
Terry L. : good luck
Customer: I also have received multiple answers on open checking accounts and what exemption to use when claiming them on schedule c. I have been told to exempt them using the 525.030 exemption, and also the 513.430(3) exemption
Customer: lastly, if I am not claiming my tax return expempt as I have no exemptions left, I will not place on schedule c at all, correct?
Terry L. : So for Open checking accounts, you would list them on schedule B. You can use the wildcard exemption 513.430(3),
Terry L. : 525.030 is for earned, but unpaid wages.
Terry L. : so you wouldn't use that for your money in the bank
Terry L. : Correct, you only list the exemptions you are using on schedule C
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