Frequently Asked Questions About Bankruptcy and Tax Refunds

If you are considering bankruptcy, you may have questions about what happens to your tax refund. It is important to consider the implications of filing for bankruptcy and how it will affect your future tax refunds. Here are some frequently asked questions about bankruptcy and tax refunds that may help clarify the situation.

When filing for bankruptcy, any tax refunds that were due prior to the date of filing can be claimed and used as part of the repayment plan. Any refunds due after the filing date belong to creditors in most cases, although there are a few exceptions where a debtor can claim part or all of these refunds for themselves. This should be discussed with an attorney or financial advisor before making any decisions.

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