Call for a free bankruptcy consultation

Louisville |

502-485-9200

New Albany |

812-945-9200
Schwartz Bankruptcy Law Center

Will a Bankruptcy Have any Effect on My Tax Return?

Every little bit of money counts when an individual is in a serious financial situation and is going to file for bankruptcy. If this sounds like you, then you may be expecting a tax return, but you don't know how this is going to affect your bankruptcy. 

Returns Are Income

First you need to look at the timing. If you have not filed for your bankruptcy as yet, and if you are able to hold off until you receive your tax return this may be the best thing to do. You can then take your return and put the money towards some pressing needs. This may go towards paying your rent or mortgage or perhaps some medical care that you need. It could also be used to help pay for your bankruptcy fees including the services of your Louisville bankruptcy attorney. What you do not want to do with the money is spend it foolishly. You will have to declare on your bankruptcy filings that you received this money. If your bankruptcy trustee feels that the money was spent unwisely he could demand that it be returned into your listed assets.

If you have filed for your return and also filed for your bankruptcy, then this money that is going to be received from your tax return will have to be included in your listed assets on your bankruptcy filing. It will then be determined by the trustee based on the amount and your specific situation as to what will happen with this money.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Need A Solution To Your Debt Problems?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Make A Payment
Schwartz Bankruptcy Law Center

Office Locations:

Louisville Office
3339 Taylorsville Road
Louisville, KY 40205

Phone: 502-485-9200
Fax: 502-485-9220
Louisville Law Office Map

New Albany Office
501 State Street
New Albany, Indiana 47150

Phone: 812-945-9200
Fax: 502-485-9220
Map & Directions

Phone:

LOUISVILLE |

NEW ALBANY |

Fax: