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Your Tax Refund: How to Protect It In Chapter 7 Bankruptcy

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Back To Bankruptcy and Debt Relief Video Help Page

If you watched the video above, you know that your tax refund can be taken if you file for chapter 7 bankruptcy. I would not be a good Florida debt relief lawyer if I didn’t also explain what you can do to protect that refund.

The method is not complicated: Wait to file for bankruptcy. That’s it.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)
.

How Waiting Can Help You Keep Your Tax Refund

Before explaining any further, please understand that this might not be the best idea for everyone. Sometimes you might end up saving more money by declaring bankruptcy earlier; sometimes not. Bankruptcy legal advice depends on your personal situation. That is why it is so important to work out the details with a bankruptcy attorney who knows the law fully. That being said, here is why you might be able to keep your tax refund just by waiting.

When you file for chapter 7 bankruptcy, one of the questions you will be asked is whether you have any expected assets coming in. A tax refund is an example of an expected asset, so once you receive it, creditors are allowed to claim it if you have already exceeded all of your Florida bankruptcy exemptions.

However, if you instead get your tax refund and spend it before filing for bankruptcy, there is nothing for your creditors to take. But be smart about it. Remember, creditors will take any assets they can once you file, so if you spend that refund on a giant flat screen TV, creditors may be able to claim it. Instead, use the refund on practical items like food and utility bills.

A Debt Relief Lawyer Can Help You Determine the Best Course

Keep in mind that trying to protect a tax refund may not always be the best option for you. It may seem right to keep that money out of the hands of your creditors, but if you have to hold off on declaring bankruptcy for several months—or longer—what might you lose in the process?

Do not make this decision blindly. Talk to an experienced bankruptcy lawyer in Florida and really dig into your financial situation to learn the smartest way to go.

Get Help with Legal Issues Now! – Call 855-Kramer-Now (855-572-6376)
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The Orlando divorce lawyers at TK Law are deeply committed to the individuals and families they serve. We are here to help you resolve each legal concern so you can regain control and move forward with your life. You will also have a steadfast, accomplished advocate in your corner to fight for what matters most if a dispute goes to trial.

We know how overwhelming conflict can be and how painful it is to see a marriage end. We will guide you through this difficult process before, during and after your divorce.

Contact our offices today to schedule a confidential consultation with one or our family law attorneys, or call us at 855-572-6376.

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Roy P.
Mar. 2024
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Gastell and Kayla were awesome! They helped me make it through a very challenging time in my life with kindness and compassion. They were always available to answer my questions and kept me up to date. Their counsel was extremely helpful in aiding a resolution that I am very satisfied with.
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Mar. 2024
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I give this law firm a 5 star. Ray and Janelise helped us with our probate issue and made the process a lot easier for us to finalized all of it. We're very thankful to this law office and recommend them for any legal issues.Thank you Janelisse and Ray and the entire office .
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Jan. 2024
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I am thankful to Janelise and Kayla at TK Law for a fantastic job. Kayla guided me through every step of my divorce process. She is patient, professional, and honest. I highly recommend them!
Chris O.
Dec. 2023
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This was first experience hiring a law firm and I am very happy that I hired TK Law. My attorney Janelise and Paralegal Kayla were kind, knowledgeable and made the process easy. They were quick to respond when I needed revisions to my document and the final outcome was perfect. If I ever need legal help in the future, I will not hesitate to contact TK Law again.

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We offer payment plans, accept credit cards, are available for evening appointments and our main office is conveniently located right off of I-4, between 436 and 434. For immediate help call: 407-834-4847.

Disclaimer

The information found here is for general information purposes only. Nothing on this site should be taken as legal advice for any situation or individual case. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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