Chapter 7 Bankruptcy and tax refund

Yes. A tax refund goes under category 18 on schedule B (other liquidated debts "owing"). Since it is September 1, it is the beginning of tax refund season for chapter 7 trustees. So, you would list your anticipated 2015 tax refund on schedule B under category 18. Around this time of year trustees start having debtor stipulate to turnover of their tax refunds (prorated) that they receive next year. Reason being, much of the tax refund that would be owed to the debtor has accrued. For example, if you file a bankruptcy on Oct 1, then 75% of the tax refund has accrued. So, on schedule B, you disclose the tax refund, and if a state exemption applies, you claim it. Side note, if you haven't filed your 2014 taxes (because you filed an extension, you would list that refund. However, if you already filed and received your 2014 income tax refund, you would NOT list it because it is no longer "owing."

You stated "was for a small amount" which indicates to me that you are talking about the tax refund that you received this past spring. The refund can consist of a refund of withheld taxes, tax credits or earned income credit. The tax credits and earned income credit are income that you received in this year and should be shown as part of your response to question number two in the SOFA. Since the bankruptcy code (§ 541) provides that any equitable interest you have in an asset is an asset of the bankruptcy estate. You need to show the pro-rata portion of the 2015 tax refund which will be received in 2016 as an asset. The only difference between what Matthew stated the way I list this, is I show this under item 21 of schedule B instead of #18. Next year's refund is unliquidated at this point and the amount is contingent upon any potential changes in the tax code before 2016.

Yes, your right to receive it is an asset, regardless of size.

I agree with Mr. Gambrell. I will add that it appears that you may be preparing a petition on your own. If that is the case, I would advise against that. Bankruptcy is extremely complex, as you can see by asking the very question you asked. It is often the case that people who file pro se (without attorneys) experience problems with their cases, including dismissal of the cases or worse yet, adversary proceedings (litigations) commenced against them or others to pursue assets, etc. I would absolutely suggest that you retain a very experienced and responsive bankruptcy attorney to properly prepare the petition and schedules, prepare you for the 341 meeting where you will be questioned by the chapter 7 trustee and attend the 341 meeting with you. Best of luck, Barbie D. Lieber