Bankruptcy: Can I Keep My Tax Refund? Yes!

Bankruptcy: Can I Keep My Tax Refund? Yes!

A question often asked is whether they can keep their tax refund. The potential client heard stories from others that by filing bankruptcy you forfeit your tax refund to the court, or trustee. That is simply not the case.

If you are filing a Chapter 7 bankruptcy and you use your federal exemptions, you may be entitled to keep 100% of your refund by using your D5 Wildcard exemptions. If you are filing a Chapter 13 there is a little more legwork, but you may keep your refund as well as long as your properly draft your Schedule I and Plan. Preparation is key.

I invite you to email me at Travis@RussellGR.com with any questions you may have regarding exempting your tax refund, or any other bankruptcy related matter. I would love to discuss what my office can do to help you achieve long term financial stability.

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