Legal Question in Bankruptcy in Illinois

How bankruspy effects tax returns

I am going to file but I want to know will i be able to keep my income tax return if I file durring the process? or should i wait until after tax season.


Asked on 12/18/07, 11:13 am

2 Answers from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: How bankruspy effects tax returns

Wait until after, it will be less complicated.

check out my website - www.michelottilaw.com

email me if you have any questions - [email protected]

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Answered on 12/18/07, 11:56 pm
Terrance Leeders Leeders Law

Re: How bankruspy effects tax returns

In Illinois, debtors have a wildcard exemption to protect cash, furniture, jewelry and tax refunds. This is $4000 per debtor. If your refund would be less than this, your attorney will be able to protect the refund so you can keep it. If your assets are too great, your attorney can advise you on when would be best to file to protect your refund. Otherwise, the trustee would take your tax refund and pay your creditors with the unprotected amount. If you would like a free consultation, I would be happy to help you and you can contact me at the link in my profile. Thank you.

Terry Leeders

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Answered on 12/18/07, 11:56 am


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