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If you file a bankruptcy 7 in August what happens with your tax refund that you are entitled to the next year and thereafter?
Wiki User
∙ 18y ago
If the debtor is entitled to receive an income tax refund or a similar nonexempt asset in the near future, he or she should not file under chapter 7 until after the refund or asset has been received and disposed of. Otherwise, the refund or asset will become the property of the trustee.
Wiki User
∙ 18y ago
Wiki User
∙ 16y agoRefund of what? (Obviously, if your expecting a refund of something due to you, it is an asset...something of value...and things of value you can get I should think you would want to make sure goes to pay all those who you promised to pay and took things/money from).
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If you file a bankruptcy 7 in August what happens with your tax refund that you may be entitled to the next year and thereafter?
If the debtor is entitled to receive an income tax refund or a similar nonexempt asset in the near future, he or she should not file under chapter 7 until after the refund or asset has been received and disposed of. Otherwise, the refund or asset will become the property of the trustee.
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