Posted on: 28th Nov, 2011 10:33 pm
My bankruptcy trustee or attorney didn't mention that I need to give them my income tax return. I want to save money. When I filed my bankruptcy I ended up paying less on my monthly fee then I was on my car loan. Now I have some extra cash. I want to start putting money in a savings account but I don't know if the trustee will take away this money or raise my fees.
Hi Jannet,
As far as I know, you'll be getting a notice during the tax time reminding you that you can keep $1,000 of combined tax returns and should submit the remainder to the trustee. If you fail to submit the amount by the deadline, the trustee's office will contact you. Also, you should note here that if you're making your chapter 13 payments on time, then you will be fine with placing those funds in checking/savings accounts.
Thanks,
Jerry
As far as I know, you'll be getting a notice during the tax time reminding you that you can keep $1,000 of combined tax returns and should submit the remainder to the trustee. If you fail to submit the amount by the deadline, the trustee's office will contact you. Also, you should note here that if you're making your chapter 13 payments on time, then you will be fine with placing those funds in checking/savings accounts.
Thanks,
Jerry