Frequently Asked Questions About Bankruptcy and Tax Refunds
1. Bankruptcy and taxes may seem like two separate topics, but they can actually be closely related. If you're considering filing for bankruptcy, you may be wondering how it will affect your tax refund.
2. Here are some frequently asked questions about bankruptcy and tax refunds:
Will I still get a tax refund if I file for bankruptcy?
Generally speaking, yes, you will still receive a tax refund even if you file for bankruptcy. However, there are some exceptions to this rule. For example, if you owe back taxes, the IRS may take your refund to pay off your debt.
What happens to my tax refund if I file for Chapter 7 bankruptcy?
If you file for Chapter 7 bankruptcy, your tax refund will become property of your estate and may be used to pay off creditors.
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