Bankruptcy & Your Tax Refund
Will They Take My Tax Refund If I File Bankruptcy?
When it comes to taxes, there’s already enough to figure out without the added complication of bankruptcy. Many people filing for bankruptcy in Ohio wonder if their tax refund can be seized as part of the bankruptcy. Let’s break this down.
Is a Tax Refund an Asset?
Yes, tax refunds are considered assets by the court within the context of an Ohio bankruptcy. This is the case for both Chapter 7 and Chapter 13 bankruptcies. It does not make a difference whether you have received the tax refund already or not. If you expect to receive one, it will be considered an asset.
How Can I Keep My Tax Refund If I File for Bankruptcy?
Some people will be able to keep their tax refund protected from bankruptcy. This depends on the laws of Ohio, the time of year you file your bankruptcy, and what precautions you put in place before you file for bankruptcy. Attorney Wendi Henderhan can help advise you on the best way to protect your assets, including your tax refund, as exemptions.
Who Can Help Me Keep My Tax Refund During a Bankruptcy?
If you want to file bankruptcy, but are worried about losing your refund, you can meet with Attorney Wendi Henderhan at no charge to discuss your options. We connect you with Attorney Henderhan because it’s critical you speak directly to an experienced Ohio bankruptcy lawyer, not an assistant or paralegal.
Attorney Henderhan has filed more than 1,500 bankruptcy cases and understands how to navigate Ohio bankruptcy laws. She can help you develop a plan to protect your tax refund and other assets and get rid of burdensome debt. It’s free to find out, so call today and schedule your consultation.