“Will I be Able to Keep My Tax Refund if I File a Chapter 7?”
When filing Chapter 7 bankruptcy, talk with a bankruptcy attorney about keeping your next tax refund. In some cases, if you don’t discuss with a bankruptcy lawyer about the tax refund issue you may have to give up your next tax refund to the Chapter 7 trustee, who will give the refund amount to the creditors. Also, you might be able to apply enough exemptions to your tax refund which will allow you to keep it. Or, the bankruptcy attorney may tell you to wait a few months before you file the bankruptcy case. Regardless, if you think you will get a tax refund within the next year, you should have a bankruptcy attorney engage in careful pre-bankruptcy planning to stop unnecessary loss of your tax refund.
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