Tax Refunds and Bankruptcy

Posted on February 11, 2016. Filed under: Uncategorized |

northwestbankruptcyattorneys.com

Money

Tax refund season is typically the busiest time of year for bankruptcies to be filed.  The reason is pretty simple, people who have been slogging along trying to pay their bills have not had the extra money to use for a bankruptcy attorney.  Their tax refunds change that and finally make it possible for many people to get their cases filed.

If you are considering bankruptcy there are some things to keep in mind if you are expecting a big tax refund.

Filing a case before you receive the refund can lead to some or all of the refund having to be turned over to your bankruptcy trustee.  This all depends on your state’s exemptions. Some states, Ohio for example, will allow you to exempt all of your additional child tax credit and earned income credit.  Some states, Washington and New York for example,  allow you to use either state or…

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