Need to File Bankruptcy – Will I Lose My Big Tax Refund?

Video Script Below

I need to file bankruptcy, but I’m going to get a big tax refund this year. Will I lose my refund? And the answer is maybe. The bankruptcy trustee is going to look to tax refunds when you file the bankruptcy. And if you’ve used up all of your exemptions – and what that means is when you file a bankruptcy (let’s say it’s a Chapter 7 bankruptcy), you’re liquidating your debts. That means you liquidate all of your debts but you also liquidate all of your assets. And when you do that, you’re allowed to keep a small amount of assets and those are the exempted assets. Now if you’ve used up all those exemptions, if you’ve got a couple thousand of dollars in the bank or car or whatever, then you may be forfeiting part of your tax refund. And it’s important thing to look at before you file the bankruptcy. Now an important thing that you also need to consider is that the trustee is really only looking at these issues generally at the end of the calendar year and during tax season, because that’s usually when taxes are filed. So that is something to consider. The important thing is to sit down with your bankruptcy attorney before you file the bankruptcy, before you make that decision, and make the call, and make the determination as to whether this is worthwhile or not. And then you make the decision on whether to file bankruptcy. I deal with this stuff every day. I’ve seen countless bankruptcies; I’ve dealt with countless people in situations where they owed a substantial amount of money. And we’ve been able to help them and I’d love to help you. If you have any questions, call me at the number below. I’d love to talk with you. Also if you’re watching this video on Facebook or YouTube, click the “Like” button that way you can share this valuable information with your friends and family. Thanks for watching. I’m Steve Kramer.

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