Recent changes to the law may make it better for you to file Chapter 7 Bankruptcy BEFORE you receive your tax refund. Any amount of your refund that is attributable to the Earned Income or the Additional Child Care Tax Credit are completely exempt in a Chapter 7 Bankruptcy BEFORE you receive it. However, once you receive the refund, the money is able to be taken by the Trustee.
Read MorePerhaps you’ve received a large tax refund, inheritance, or personal injury settlement. Although you may have a large sum of money, it may not be enough to pay off your creditors. If you find yourself in this situation you should speak with an experienced bankruptcy attorney about your options, and the availability of pre-bankruptcy exemption planning.
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