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Filing under chapter 7 bankruptcy is the most common chapter. Individuals who cannot pay regular, monthly payments towards their debts file under this chapter. Businesses that choose to terminate their enterprise choose chapter 7 bankruptcy filing.
Chapter 7 provides its debtor relief regardless of the amount of debt owed or whether the debtor is solvent or insolvent. A chapter 7 trustee is appointed to liquidate the debtor’s assets and distribute the money among the creditors.
Bankruptcy is filed to get a new start and secure the financial future of the debtor. To qualify for chapter 7 bankruptcy, you will have to take a means test. It is very important to have all the knowledge before going ahead with the bankruptcy filing.
If you want good legal counsel and if you live near Los Angeles & Dallas, TX, reach the Recovery law group – (888-297-6203) or visit https://recoverylawgroup.com/bankruptcy/.
Federal Tax Refunds during Bankruptcy
You can receive tax refunds during your bankruptcy case but it might get subject to delay, turnover requests by the chapter 7 trustee, or even used to repay your tax debt.
You can check on your refund status by going to the Where’s My Refund tool or by contacting the IRS’ Centralized Insolvency Operations Unit at 1-800-973-0424. The unit is available Monday through Friday from 7:00 a.m. to 10:00 p.m. eastern time.
Discharge
At the end of your chapter 7 bankruptcy filing, you will receive a discharge of debt. A discharge releases the debtor (you) of all personal liability of all dischargeable debts. Contact your bankruptcy attorney to know which debts are dischargeable and which are not.