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Can I keep my tax return if I file Chapter 7 bankruptcy?

January 8, 2018

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Can I keep my tax return if I file Chapter 7 bankruptcy?

January 8, 2018

 

If you get a tax return when you file taxes, you may be wondering if you will lose it if you file for bankruptcy.  As with just about everything in bankruptcy, this is determined by several factors.  Bankruptcy trustees care about your assets.  They want to use the assets that are not exempt to pay off creditors.  Though you can keep assets you receive after filing, taxes can be a little more involved.

 

When did you file your taxes and when did you file your bankruptcy? 

1.  If you filed the year before your bankruptcy, unspent money goes to the estate and is treated like cash.  You can keep cash when you file for Chapter 7 bankruptcy, but only if the cas