The process of filing a tax return isn’t pleasant for most of us. That may be even more true if you’re in the process of filing for bankruptcy. But what happens if you’re supposed to get a tax refund? Do you get to keep it if you’ve filed for bankruptcy? Today, the bankruptcy attorneys near you at the Law Office of Tipton-Downie in Vidalia, Georgia have a brief overview of this situation.

  • If you file for bankruptcy, will you lose your refund? It all depends on the type of bankruptcy you file. Under Chapter 7, tax refunds are considered assets. You may be able to exempt your tax refund and hold onto a portion or the entire amount. However, under Chapter 13, they are considered disposable income. These funds will be reviewed by a bankruptcy trustee. This makes receiving your refund much more uncertain.
  • Should I seek the advice of a bankruptcy lawyer? Yes. Anyone considering bankruptcy, or who’s already filed, should speak to bankruptcy attorneys near you. Our team will evaluate your individual situation and give you clear direction on how to proceed.

When you need a bankruptcy lawyer in Vidalia, GA, call the Law Office of Tipton-Downie. Our attorneys will provide you with expert advice when it comes to bankruptcy and debt relief. Let us guide you back to solid financial ground.