Tax Refund

Tax Returns Can Be Used To Pay For Bankruptcies

Call: 888-297-6203 The time to pay tax is going to come soon. By January 31st, the employees need to get W2s from their employers, so that their federal income taxes can be filed. According to the Bank rate website, 30% of the people getting tax returns decide to use it to repay debt, and some of it to fund bankruptcies. It is beneficial to file for bankruptcy immediately after receiving the tax return because you get an opportunity to use your return on necessary and reasonable things instead of handing it over to your bankruptcy trustee. For instance, [...]

2021-12-09T07:34:30+00:00

Tax Refunds And Bankruptcy

When you are struggling with debt, thinking straight is not expected. While filing for bankruptcy, hiring skilled bankruptcy lawyers can help you deal with any issues which arise, later on, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. One of the most common problems people face is a failure to remember tax refunds while listing their assets in bankruptcy schedules. Just like any other asset, income tax refunds should also be treated similarly, except that they are held by the government. The bankruptcy trustee has to deal with the tax refund depending on the month [...]

2019-11-12T12:56:48+00:00

Tax Refund in Bankruptcy

Call: 888-297-6203 People who have filed for bankruptcy are often worried regarding whether they can keep their tax refund or not. according to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, it depends on which chapter you have filed, how much refund you will receive and what you intend to do with it. Chapter 7 bankruptcy In this case, tax refunds automatically become part of your bankruptcy estate and thus are handed over to bankruptcy trustees. this refund is then used to pay off your creditors. if you can get the tax refund exempted either [...]

2019-10-30T10:55:22+00:00