Can the bankruptcy trustee take my tax refund?

Can the bankruptcy trustee take my tax refund?

Let’s say you file your bankruptcy case in August 2023, the trustee can keep you case open until April 2024 to potentially intercept your tax refund (if you do not have exemptions that can cover it). The trustee cannot take “earned income credit” which is a tax credit...

Will gambling affect my bankruptcy case? 

Will gambling affect my bankruptcy case? 

The short answer is yes, it can. You are obligated to disclose the last twelve months of profits and losses from gambling on your bankruptcy petition.  If you do receive winnings and it’s listed on your tax return as income, that also needs to be shown on the...

What is an insider payment? 

What is an insider payment? 

An insider payment is when you borrow money from a friend or family member and repay them within twelve months prior to filing your bankruptcy case. The significance of an insider payment is that the trustee can make you pay the bankruptcy estate the same amount of...

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