Income Taxes What happens to my income tax returns?
• The prior years’ income tax return if unfiled at the date of bankruptcy. • A pre-bankruptcy income tax return for the period from January 01 to the date of bankruptcy. If there is an amount owing for the period prior to the bankruptcy date, it will be discharged in the bankruptcy. • A post bankruptcy income tax return for the period from the date of bankruptcy to December 31. Again, the Trustee will retain any refund from this income tax return however, if there is a balance due on the post bankruptcy income tax return, the amount due is your responsibility. What happens if I find that I am entitled to a refund for my prior year’s income tax returns? Any refunds relating to tax years up to and including the year of bankruptcy, are property of the bankruptcy estate and must be used to pay creditors via the Trustee. When will I get a copy of my tax returns? Copies of tax returns and assessments will be sent with the copy of the Trustee’s Application for Discharge. What happens to the G
