answersLogoWhite

0


Best Answer

Until you file, your money is yours to use. Financial counseling would be an excellent choice. However, you have debt obligations you promised to pay...that would be a good honorable place to use it. (If you don't think doing the honorable thing is important, then don't complain when others don't care about what harm they do to you).

Anything you do for some extended time, especially using any asset or trying to make a benefit, before BK can be challenged in the BK (and reversed, etc.)...as being done preferentially in anticipation of BK. And here to, the BK Court doesn't like anyone doing those things, so they may decide to not be as favorable to you as they could be. (And if you swear to them you didn't act that way (and you will be swearing to it), and they can see you did..well that can be criminal purjery).

User Avatar

Wiki User

16y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What can you use your income tax refund on if your filing chapter 7?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?

No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.


Should you wait to file chapter 13 after tax refund?

Either way they will want a tax return filed before filing for chapter 13. If you are expecting a refund then they will seize it if it is after so to keep the money file first and wait for the return, it will be considered as part of your income. If you owe it is better to know the amount before filing.


Will you get your tax refund if you file for bankruptcy?

Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.


How long is the average time after filing your income tax return that you will receive your refund?

You can usually expect to get your tax return refund 21 days or more from the filing date depending on how you file.


Where is it possible to get an income tax refund?

You can get an income tax refund by filing your taxes at companies such as H&R Block and Jackson Hewitt. You can also find local companies that offer helping you with tax preparation.


Will IRS still take your income taxes after filing chapter 13 bankruptcy?

If you still owe federal income taxes, they will. But if they don't take it, the chapter 13 trustee gets the tax refund. You should have listed any income taxes that were dischargeable (due more that 3 years prior to the filing date).


An individual may receive a tax refund from the government after filing their federal income tax return?

YesFiscal Policy


An individual may receive a tax refund from the government after filing their federal income tax return.?

YesFiscal Policy


How do you get a us tax refund?

By having some income withheld from your worldwide income and then filing an income tax return to claim a refund of some of the amount that may have been over withheld. More than your federal income tax liability on all of your gross worldwide income.


When filing the pa state income tax refund do you attach it with your 1040 federal income tax refund form?

Your PA state income tax form is sent to the state and not the IRS. The 1040 will be sent to the IRS. No need to send the state with the 1040.


Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?

The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.


Is a return acknowledgement income tax is a refund?

ITR-V stands for 'Income Tax Return - Verification' form.• Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature.• On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.ITR V is only acknowledgement on filing income tax return.It need to be signed and signed to Income tax department.On successful receipt of ITR V, Income tax department process the return and determine the refund payable.If any refund is due then they send the refund to tax Assessee.Source:http://taxgyan.in/how-to-e-file-income-tax-return-with-taxgyan-in-faqs/