On a ScheduleC for a Chapter 7, what code doI use to exempt a tax refund needed for household neccessities?

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On a ScheduleC for a Chapter 7, what code doI use to exempt a tax refund needed for household neccessities?

Additionally, do I need to exempt my clothing, furniture and my daughters SSI death benefits (her father is deceased)?

Asked on January 5, 2011 under Bankruptcy Law, Texas

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

This depends on which state's exemptions apply in your case.  That is determined by where you lived for the 2 years prior to filing your case or, if you lived in more than one state during that time, it's based on where you lived for the greater part of the 180 days prior to the 2 year period previously mentioned.

You need to consult with a bankruptcy attorney in your area to analyze your situation and advise on the exemptions.   If Texas exemption law applies to your case, it looks like they have a $30,000 catch-all exemption for things like tax refunds, but exemptions can be tricky and I'm only qualified to answer about California exemptions.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

 

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

This depends on which state's exemptions apply in your case.  That is determined by where you lived for the 2 years prior to filing your case or, if you lived in more than one state during that time, it's based on where you lived for the greater part of the 180 days prior to the 2 year period previously mentioned.

You need to consult with a bankruptcy attorney in your area to analyze your situation and advise on the exemptions.   If Texas exemption law applies to your case, it looks like they have a $30,000 catch-all exemption for things like tax refunds, but exemptions can be tricky and I'm only qualified to answer about California exemptions.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

 


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