Tax Refund Offset and Timing a Bankruptcy Case
Filing for bankruptcy is a difficult decision that comes with many consequences. One of those consequences is the loss of your tax refund. The government can take your tax refund to pay off your debts, and this can cause problems if you're not expecting it.
If you're thinking about filing for bankruptcy, it's important to timing your case correctly. You don't want to file too early and risk losing your tax refund, but you also don't want to wait too long and end up owing money to the IRS.
There are a few things you can do to minimize the impact of the tax refund offset on your bankruptcy case. First, you can try to negotiate with the IRS to get them to agree to a payment plan. Second, you can try to exempt some of your assets from the bankruptcy process.
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