What happens if you don’t give your tax returns to the Chapter 7 bankruptcy trustee?
Under the Section 521(e)(2(A)(i) of Bankruptcy Code, seven (7) days before the meeting of creditors (341 meeting) you must provide a copy of the Federal income tax return required under applicable law for the most recent tax year ending immediately before the commencement of the case and for which a Federal income tax return was filed. You may provide a tax transcript instead of a complete return.
What happens if you do not provide the return or transcript?
Section 521(e)(2)(B) provides that “the court shall dismiss the case unless the debtor demonstrates that the failure to so comply is due to circumstances beyond the control of the debtor.”
Talk To An Experienced Denver, Colorado Bankruptcy Attorney
This is just one of the many pitfalls that you need to be aware of when navigating the bankruptcy process. No, it isn’t rocket science, but missing a deadline or filing requirement can have serious consequences for your financial outlook. Don’t find out what happens if you don’t give your tax returns to the trustee after your meeting of creditors. Be prepared. You should consider talking to a Colorado bankruptcy attorney to guide you. You can schedule your free consultation by clicking here.