Bankruptcy Tax Refunds Kentucky Indiana

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Are you going to lose your tax refund if you file Bankruptcy?  

Did your attorney tell you how to keep your Tax refund? 

So you thought that they would at least let you keep your tax refund if you filed bankruptcy right?  Wrong not if you filed the wrong kind of bankruptcy or if you timed it wrong.  If you file a Chapter 7 bankruptcy before you get your tax refund you may lose it.  However if you file a Chapter 7 Bankruptcy after you get your tax refund and after you have spent it there is nothing for the Trustee to take.  

If you file a Chapter 13 you will normally lose your tax refund in all the years that you are paying back the Chapter 13 bankruptcy.  The timing of when to file your bankruptcy and what type of bankruptcy to file is essential make a wrong step or move and you can lose property or make it far more expensive than it should be.   The failure to file a motion to avoid tax liens or other liens on your home while you are in bankruptcy may mean that you have to pay them later.   Often the best approach is to simply make certain that you don't have a tax refund to lose at the end of the tax year by claiming more exemptions so that you payroll deduction is less.   

Timing and planning are everything and this is why you need good legal advise when you do file bankruptcy so that it is done properly.  You need someone that knows this area of law completely and that will help you to plan this to your best advantage never do this yourself.  

The Bankruptcy Manual discusses how to avoid losing your tax refund.   Download your free copy. The Bankruptcy manual is for informational purposes only. The Bankruptcy Manual comes in rtf format for word or wordperfect, pdf for adobe, or you can download the audios.

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