Frequently Asked Questions About Bankruptcy and Tax Refunds
When filing for bankruptcy, many people are hesitant to do so due to the fear of losing their tax refunds. This article will answer some of the most commonly asked questions about the effects of bankruptcy on tax refunds.
First, it is important to understand that in most cases you will be able to keep your tax refund even if you file for bankruptcy. The main exception is if a creditor has filed an Adversary Proceeding against your refund as part of your case. In such a situation, it may be necessary for you to pay off the debt with your refund before you can receive it.
In addition, there are certain types of taxes that cannot be discharged in the event of a bankruptcy filing.
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