Can I keep my tax refund in Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?

By Cynthia Podis

Nashville Bankruptcy Lawyer

You can keep up to $10,000 in assets for an individual and $20,000 for a couple.   This includes a tax refund.   Please remember, this includes all of your personal property like furniture, jewelry, computers, cars and money in the bank.  The exemptions or protection of assets in bankruptcy only applies to what you have in your possession.  So, if you pay a family member or friend back with money from your tax refund, you cannot protect that amount because it is no longer yours.  The Trustee in a Chapter 7 or Chapter 13 bankruptcy may ask for the money back from your family or friend if it is a large amount of money paid back within a year or two before filing bankruptcy.  Please discuss any large tax refunds with your attorney before you file and before you use the refund.

 

For more information visit www.BankruptcyNashville.com or call 615-399-3800 and schedule a free appointment with us!  Podis and Podis, 1161 Murfreesboro Pike Suite 300, Nashville TN 37217

We are a debt relief agency.

We help people file for bankruptcy under the Bankruptcy Code.

Disclaimer: this blog post is not legal advice.  If you would like us to give you legal advice, please call and schedule an appointment to see us in the office.