Legal Question in Credit and Debt Law in Illinois

As a debtor going to court to have my assets discovered I know my exemption rights. However my tax refund (minus the EIC) is going to be used with the wild card exemption. Now the exempt refund will be placed on the H and R emerald money card. By H and R placing my exempt refund on the specific money card the card may be considered a bank account in which a creditor can take? Do I report the specific card as a bank account to the creditor to try to save the refund if this is the case? And if the creditor cannot collect and wants to revisit, say next year is my next yeas refund in danger?

Asked on 1/20/12, 12:18 pm

1 Answer from Attorneys

Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. Technically speaking, yes, the income tax refund (irrespective of what electronic form it takes) would likely have to be disclosed in a Citation proceeding. The best defense may be, however, to determine the true proceeds of that return (eg, what type of income accrued that return). Certain forms of income, social security for example, are exempt. It would be helpful that learn more information. Please feel free to contact me: [email protected]

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Answered on 1/26/12, 5:07 am

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