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Income Tax Refunds in Chapter 13 Bankruptcy

Posted: Tue May 04, 2010 11:26 am
by Yahoo Bot

Ty, order controls. U had to object 2 the order.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On May 3, 2010, at 1:54 PM, "Mike from SLO" wrote:
I have a debtor who filed Ch. 13 in Feb, 2010 and was confirmed in Riverside on 4/28/10. $1500 tax refund is claimed as exempt. Debtor received refund on April 18, 2010. Confirmation order says ALL tax refunds are pledged into Ch.13 plan. What controls, debtor's exemptions or confirmation order?
Thanks,
Ty Takeuchi
Ty, order controls. U had to object 2 the order.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On May 3, 2010, at 1:54 PM, "Mike from SLO" <armen@tysonfirm.com> wrote:

I have a debtor who filed Ch. 13 in Feb, 2010 and was confirmed in Riverside on 4/28/10. $1500 tax refund is claimed as exempt. Debtor received refund on April 18, 2010. Confirmation order says ALL tax refunds are pledged into Ch.13 plan. What controls, debtor's exemptions or confirmation order?
Thanks,
Ty Takeuchi

The post was migrated from Yahoo.

Income Tax Refunds in Chapter 13 Bankruptcy

Posted: Mon May 03, 2010 2:50 pm
by Yahoo Bot

The debtor agreed to the confirmation term re turnover of tax refunds, exempt nature of fundsis irrelevant.That issue should have been resolved prior to confirmation order being entered orby an objection to confirmation order.
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________________________________
To: cdcbaa@yahoogroups.com
Sent: Mon, May 3, 2010 1:54:13 PM
Subject: [cdcbaa] Income Tax Refunds in Chapter 13 Bankruptcy
I have a debtor who filed Ch. 13 in Feb, 2010 and was confirmed in Riverside on 4/28/10. $1500 tax refund is claimed as exempt. Debtor received refund on April 18, 2010. Confirmation order says ALL tax refunds are pledged into Ch.13 plan. What controls, debtor's exemptions or confirmation order?
Thanks,
Ty Takeuchi
The debtor agreed to the confirmation term re turnover of tax refunds, exempt nature of funds is irrelevant. That issue should have been resolved prior to confirmation order being entered or by an objection to confirmation order. Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.comPersonal Financial Law Center II - Costa Mesa, CA
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: Mike from SLO <armen@tysonfirm.com>To: cdcbaa@yahoogroups.comSent: Mon, May 3, 2010 1:54:13 PMSubject: [cdcbaa] Income Tax Refunds in Chapter 13 Bankruptcy
I have a debtor who filed Ch. 13 in Feb, 2010 and was confirmed in Riverside on 4/28/10. $1500 tax refund is claimed as exempt. Debtor received refund on April 18, 2010. Confirmation order says ALL tax refunds are pledged into Ch.13 plan. What controls, debtor's exemptions or confirmation order?Thanks,Ty Takeuchi

The post was migrated from Yahoo.

Income Tax Refunds in Chapter 13 Bankruptcy

Posted: Mon May 03, 2010 2:31 pm
by Yahoo Bot

The fact that the refund is exempt does not mean that it can not be required to be paid into the Plan as part of a "best efforts" requirement. However since this refund is for pre-petition 2009 income taxes, it doesn't seem that it should be required to be paid into the Plan. I don't think the Los Angeles Chapter 13 Trustees would require payment of a refund for a pre-petition tax year into the Plan.
Jim
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN-E-MAIL AND PLEASE DELETE THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.

The post was migrated from Yahoo.

Income Tax Refunds in Chapter 13 Bankruptcy

Posted: Mon May 03, 2010 1:54 pm
by Yahoo Bot

I have a debtor who filed Ch. 13 in Feb, 2010 and was confirmed in Riverside on 4/28/10. $1500 tax refund is claimed as exempt. Debtor received refund on April 18, 2010. Confirmation order says ALL tax refunds are pledged into Ch.13 plan. What controls, debtor's exemptions or confirmation order?
Thanks,
Ty Takeuchi

The post was migrated from Yahoo.