Ask Experts Questions for FREE Help !
Ask
    ki12_'s Avatar
    ki12_ Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Apr 7, 2011, 04:56 PM
    Bankruptcy and co-signers tax refund
    I am currently filing a Chapter 13 bankruptcy and including private student loans in the filing. I have a co-signer on these private loans and I am wondering if the state can take his tax return? They would need to notify him before hand wouldn't they? The carriers of my loans have been notified of the bankruptcy and are in contact with my lawyer.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Apr 7, 2011, 05:53 PM

    Yes they can. A judgment will probably be need to be gotten against them. But co signing means they assume responsibility for the debt if the primary defaults.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #3

    Apr 7, 2011, 05:54 PM

    Your lawyer is your best source of knowledge but a Chapter 13 also protects your cosigners. If you cannot reach a plan, cannot get your Chapter 13 approved, yes, the student loans will be collected from your cosigner.

    Are there judgments against you for these loans? Judgments against your cosigner?

    http://www.bankruptcyhome.com/cosigners.htm
    ki12_'s Avatar
    ki12_ Posts: 3, Reputation: 1
    New Member
    		  
    #4

    Apr 7, 2011, 06:29 PM
    Comment on JudyKayTee's post
    No, there are no judgements against me or my co-signer.
    ki12_'s Avatar
    ki12_ Posts: 3, Reputation: 1
    New Member
    		  
    #5

    Apr 7, 2011, 06:32 PM
    AS there are no judgments against me or my co-signer, I am going to assume that his tax return is safe. He should have received notification if they were going to take his return. But I will contact my lawyer just to be safe. Thanks for your help.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #6

    Apr 7, 2011, 06:39 PM

    In a chapter 13 you are working out a payment plan, and they will be required to accept the plan as payment
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Using US-UK Tax Treaty for tax refund [ 10 Answers ]

Hi, I am a PhD student in the UK who worked for 3 months as a visiting research assistant at a university in California last summer. I obtained a J1 Short Term Scholar visa and spend about 100 days in CA. This was my only time in the US ever. During my time in CA, I have been FICA but not...

Social Security Tax / Medicare Tax refund when I left usa [ 1 Answers ]

Dear Sir or Madam, I came to US as a research scholar (J1 visa). I've worked under J1 status from 04/2006 to 04/2010, and paid Social Security and Medicare fee for 2 years. However, I am leaving US soon, and no longer work and retire in US. So my questions will be: 1. Am I eligible to claim...

OPT to H1B Tax filing-SS tax refund? [ 10 Answers ]

Hi, I am an Indian citizen. Arrived in US in Aug 2003, on OPT from Jan 2006 and on H1B from October 1st 2006. I started working in Feb 2006 in California. Throughout the year in 2006 Social security , medicare and disability taxes were deducted from my paycheck. Will I get a refund for these...

We are co-signers for college age daughter's student loan - tax credit? [ 1 Answers ]

Our daughter goes to school out of state. Part of her tuition is paid through scholarships, part is through federal student loans (through FAFSA) and part is through a bank collegiate loan in her name co-signed by us. She doesn't have any income. Can we claim this on our joint return or does...

How does the US/India tax treaty affect the state tax refund? [ 3 Answers ]

The people who make International Student Taxes have put a special resource page for Indians. International Student Taxes | Resources | Students from India I am stuck on a point in this page. To quote: "2. If you took the standard deduction last year, do not put anything on Line 4 of...

View more questions Search