Wage Garnishment In California
Tax refunds are a welcome source of income for many Americans. The money you receive from the Internal Revenue Service at tax time can go a long way toward paying bills, reducing debt and saving for emergencies. But what happens to your tax refund if you file for bankruptcy?
When filing for bankruptcy, an attorney will create a list of all your assets and debts in order to establish what is owned by creditors or the court. Depending on which type of bankruptcy you file, some assets may be exempt from liquidation; this includes retirement accounts, Social Security benefits and insurance policies. However, many tax refunds are not exempt and could be used to pay off creditors in exchange for debt forgiveness.
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