Will I Lose My Tax Refund If I’m Filing Bankruptcy?

Will I Lose My Tax Refund If I’m Filing Bankruptcy?




Really, only a qualified St Louis Bankruptcy attorney can tell you the answer to that question. Why? Every situation is different and there are different rules that typically apply. However, here are the general rules regarding tax refunds and your Missouri or Illinois bankruptcy.

Your refund might be used by Uncle Sam to pay and tax debt you have before you already get a chance to see it. They may already be able to take it already if you aren’t filing bankruptcy. In a Chapter 13 in Missouri, however, there is a local rule that allows debtors to keep a portion, if not all, of your tax refund. already better, for the time being in Illinois, you can keep your refund.

Putting off getting protection from foreclosure, credit card debt help, and relief from your creditors just to save your tax refund may not be the best idea either. If you owe money for child sustain, student loans, or other government loans, the government can nevertheless take your refund to apply to these debts.

already if Uncle Sam isn’t a creditor of yours, others can nevertheless get after your cash. Are your creditors levying your bank accounts? Creditors can get after that additional cash you have in the bank. already if you don’t hire a St Louis bankruptcy attorney to take care of your debt, you may not want to have your tax refund direct deposited. If your creditors are after your checking accounts, it may be best to just get your refund the old fashioned way




leave your comment

Top