Protect Your Tax Refunds When You File Bankruptcy!

Submitted by Anonymous (not verified) on Tue, 12/31/2013 - 23:54
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On the eve of new year’s, I thought it’d be a good idea to discuss an issue that arises with every new year.
2013 is closing which means tax season is approaching.  Now if you are set to receive a tax refund from the IRS or the Franchise Tax Board, make sure you understand the right to that money is an asset in your bankruptcy case.
I’ll say it again – that money is an asset in a pending bankruptcy whether or not you have received the money.  It’s a contingent asset, but it’s an asset nonetheless.
What this means is that you must be able to protect the refund under the California Statutes or the statute applicable in your case, whether that be the federal exemptions under 11 UCS Section 522(d) or the California Code of Civil Procedure, or the statutes of another state if you have lived different states prior to filing.
Don’t lose your tax refund just because you are filing bankruptcy.  Make sure to consult an experienced bankruptcy attorney who understands how to protect this money for you.   Best of luck and happy new years!
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