Tax Refunds and Chapter 7 Bankruptcy

Tax Law
The extended 2020 tax deadline happened, and many people are now expecting tax refunds to be deposited in their bank accounts. However, even if a refund can provide slight financial relief for some households, many people still have concerns about unpaid and past-due debts. If you’re considering filing for Chapter 7 bankruptcy, you should discuss how it impacts your tax refund with a tax and bankruptcy lawyer in San Francisco. Can You Retain Your Refund? No one wants to receive a tax refund only to lose it to the bankruptcy court. If you receive your refund based on income you earned prior to filing for bankruptcy, your refund could be seized by the bankruptcy trustee. If you received the refund based on income earned following a case filing, you can…
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