Filing liquidation? FILING, WILL I LOOSE MY INCOME TAXES? AND WILL THERE BE A

FILING, WILL I LOOSE MY INCOME TAXES? AND WILL THERE BE A MONTHLY FEE, BESIDES I DO NOT OWN A HOME?

Read this page about collapse facts:

http://www.expert-credit-advice.com/bank...

Very interesting!

No, you will not lose your settlement from income taxes. If you file Ch 7 you salary monthly, Ch 13, you do not.

good luck...

no you keep taxes. on ch 7 no tax.

Answers: I see this is on Yahoo! Canada, so I'm assuming that you live in Canada, and your debts are Canadian. All of the answers posted so far pertain to US ruin law, and some are vague.

The answer to your questions are, within a Canadian context:

* Yes, you will lose your income tax compensation. When you file for ruin, you have to directory two tax returns: one from Jan. 1 to the date of file and another from the date of filing to Dec. 31. You lose your pre-bankruptcy toll refund, and the trustee will most credible ask for your post-bankruptcy tax return.

* Yes, there is a monthly charge set by the government. For 9 months, you clear the trustee a monthly fee, and after that, you are discharged if not a soul objects.

If you're asking about United States ruin law, the answers are different.

* Whether or not you bring to keep your income levy refund depends on the state you live within. Generally, it is not exempt property, meaning that the trustee can pilfer it for the benefit of your creditors (Chapter 7) or you may be required to pay it into your plan (Chapter 13). However, some states own a cash or wildcard exemption that will allow you to hold on to your taxes.

And sometimes, especially in the Chapter 7 context, if your income excise refund is so small that administering it would be too burdensome to the trustee, you might bring back to keep it.

* There is no monthly duty in a Chapter 7; a short time ago the filing payment.

Chapter 13 is where you, the debtor, formulate a repayment plan and must reimburse the trustee as you specify in the plan. The trustee will lug a percentage of your payments as compensation (usually < 10%) and disburse the rest to creditors. So yes, there is a intermittent fee (most expected monthly since plans tend to run monthly) in Chapter 13. There is also the initial file fee, too.

I file chap. 7 twice and at hand was no charge except the bankruptcy excise..they did not keep taxes or motor or anything...best thing I ever did...GL