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If you file a bankruptcy 7 in August what happens with your tax refund that you are entitled to the next year and thereafter?In: Bankruptcy Law |
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Answer
If the debtor is entitled to receive an income tax refund or a similar nonexempt asset in the near future, he or she should not file under chapter 7 until after the refund or asset has been received and disposed of. Otherwise, the refund or asset will become the property of the trustee.
First answer by ID419414038. Last edit by Chslaw. Contributor trust: 732 [recommend contributor]. Question popularity: 91 [recommend question]
