Sentences with phrase «lose your tax refund»

The best way to avoid losing your tax refund is to file your tax return, receive the refund and spend it prior to filing your bankruptcy.

Here's the answer in a nutshell: you would lose tax refunds related to the calendar year in which you file for bankruptcy, as well as refunds from any earlier years that had not yet been processed by Canada Revenue Agency.

I get asked all the time about whether or not filing for personal bankruptcy means losing tax refunds.

With bankruptcy, you lose all tax refund (s) and credits, which you are owed for the year of bankruptcy and prior years.

You lose your tax refund and other assets and you're required to submit proof of your income to the Trustee each month.

Once you file for Bankruptcy, you automatically lose any tax refunds or HST refunds, which are forwarded directly to your Trustee.

For example, a government - backed loan in default can subject the borrower to an administrative wage garnishment (that is, a garnishment without the creditor first obtaining a court judgment) of 15 % of disposable income, and this would be in addition to any state law garnishment by another creditor (under New York law, of several creditors have judgments against a debtor, only one at a time can garnish 10 % of wages, but a government student loan can be imposed on top of a state law garnishment.A borrower can also lose tax refunds if in default on a government student loan.

They would lose their tax refund and their assets could be included, increasing the price even more.

The trustee gets paid, but you also lose your tax refund, and you may got caught in the surplus income trap, so there are lots of costs to consider.

Your loan is in default, you are getting collection letters and phone calls, and the collection fees are racking up, or you lost your tax refund to garnishment

You're going to lose one year's tax refund in a bankruptcy, no matter what you do, and the only way you can justify that is saying okay, so yes, I'm losing my tax refund, but I'm eliminating twenty, thirty, forty thousand dollars» worth of debt.

When you are struggling to pay your debts, the idea of losing tax refunds after bankruptcy is frightening.

Not exact matches

In anticipation of the tax bill's passage and of municipalities losing their ability to refund bonds prior to maturity, there was a surge in supply of muni bonds in November and December, with new supply increasing 29.3 % and 207 %, respectively, over prior - year levels.

Under Empire Zones, the state wrote millions of dollars in tax refunds to businesses that did not create jobs and, in some cases, even lost jobs.

Mind you, you would then lose the interest opportunity in the tax refund you would get initially.

In Forma Pauperis Income Income Income Tax Refunds Independent Contractor Insiders Insolvency Instant * Involuntary Bankruptcy Involuntary Petition IRA's, Pensions, etc., will you lose them in Bankruptcy?

Your $ 1,000 contribution (plus tax refund) to an RRSP will have grown to more than $ 3,000 over 30 years, but you would effectively lose two - thirds of it to income taxes and GIS clawbacks when you take the money out.

Those costs can include, but are not limited to, a minimum monthly contribution towards the administrative charges of the bankruptcy, a surplus income payment and the money the individual loses through non-exempt assets (i.e. investments, tax refunds and home equity).

I called and the first lady said that my bank rejected it I called my bank and they said the IRS never even attempted to send my refund and then when I called the IRS back the lady basically was saying that it could be fraud or anything else basically trying to make it seem like I put fraudulent information on my taxes, I just need a better understanding and what code 1121 is all about because at this point I am lost..

Ian Martin: So, in that scenario if you proceeded to file bankruptcy in January 2015, without having done your 2014 taxes, you would lose those two years of refunds because it's the 15 is the year of bankruptcy and then there is a prior year outstanding when the bankruptcy is filed.

Bankruptcy law dictates that any tax refunds owing for years prior to your bankruptcy will also be lost.

If you have a defaulted FFEL Program loan that is held by a guaranty agency, your state tax refunds may be also withheld and applied toward repayment of your loan, and you may lose your driver's license or other state - issued licenses.

A couple of a month ago only the «Canadian equities» was making some gains, all other 3 were losing... now even this one is losing so I am thinking about a change for future investments, which I am making once a year when I get my tax refunds... If the trend continues I could transfer the funds to my daughter to be used later when their value is back on track, right?

«I know we're getting big tax refunds so that helps in mitigating my nerves about losing money.

You could have your wages garnished, face debt collection lawsuits, lose out on tax refunds or even lose full access to federal benefits like Social Security.

As for my family member, we had a death in the family, and I have no idea why it had anything to do with the tax refund since it's 2016 taxes, and RIP we lost our grandfather 3 weeks ago.

For example, any HST credits or tax refunds that would normally come to you while bankrupt will be lost to your bankrupt estate.

Further, you will lose use of the money until you file your tax return and receive the refund.

A tax refund means you could lose money on potential interest or capital gains.

Young people who watch parents or peers losing much - needed tax refunds from student debt or hearing that college was not for them may become skeptical of the benefits of pursing postsecondary education.

[217] Such borrowers become subject to losing Federal payments and tax refunds and wage garnishment.

You can call the automated Refund Hotline to check the status of your tax refund, or if you received your refund check but it was lost or destRefund Hotline to check the status of your tax refund, or if you received your refund check but it was lost or destrefund, or if you received your refund check but it was lost or destrefund check but it was lost or destroyed.

Depending on the assets that you have, the bankruptcy exemptions may only protect a portion of the tax refunds; therefore, you will lose the portion that is not protected by the exemption.

In Chapter 7 cases, there are very few instances where a debtor will lose his or her tax refunds for the year in which the bankruptcy case is filed.

SMART - Your money is secure if your card is ever lost or stolen.1 CONVENIENT - Get text alerts when your refund arrives.2 EASY - We can text you the direct deposit info you need for your tax forms.

Your tax refunds can be intercepted and you may end up surrendering your income to repay the debt, not to mention the consequences defaulting will have on your credit.1 However, not all hope is lost...

While you lose income tax refunds as part of the bankruptcy process, you keep your HST cheques and child tax benefits.

Failing to properly file your taxes and utilize the refund options available to you could mean losing out on significant amounts of money or paying a lot more than you actually owe.

If you cancel an award ticket, do you lose the taxes paid in addition to the 3,000 mile fee or are those refunded?

If I don't get a tax refund like a citizen, I don't pay the in - state tuition as a resident does and I can't get a job easily like they do, but still I have to abide the laws that are imposed on them, this makes it an all - lose game, I only abide the rules but don't get the rewards.

This is not ideal as you are going to end up losing a portion of interest payable on your tax refund amount.

Told them my wife lost job and they refunded Real Estate portion and said they cant refund tax lien.