Bankruptcy and Tax Refunds: 5 Things to Know Tax refunds can be thousands of dollars which most people count on getting each year and if you want to keep your refund from the bankruptcy Trustee you must read this post. My clients use this money to catch up bills or unpaid utilities; get caught on up the mortgage or rent; maybe a down payment on a car; or even home repairs or clothes for the kids. If you want to keep your tax refunds...more
Tax Refunds and the Chapter 13 Bankruptcy in Michigan Tax refunds are an asset under Chapter 7 bankruptcy laws and have to be protected by exemptions for the debtor to keep them. The treatment of tax refunds in Chapter 13 cases is a lot different not only in Michigan but in a lot of other districts as well. State refunds are easy so we will get those out of the way. The debtor gets to keep the Michigan refund but has to turnover the...more
Tax Refunds and the Chapter 7 Bankruptcy in Michigan Before the client files for bankruptcy, the question always comes up: Can I keep my tax refunds after I file? The answer is a very simple "maybe." It depends on whether you are filing a Chapter 7 or a Chapter 13 bankruptcy. Tax refunds can be several thousands of dollars and I, like most people, start to figure out what I am going to do with it before I ever get it.In a Chapter 7, tax refunds are an asset even if you haven't received the refund yet. Think of an anticipated refund as a future asset. When you file your Petition and Schedules, you must list all assets and property rights. This includes that future tax refund that you are thinking about using to get your car fixed, take a trip, or catch up on some bills.Once you list an asset, you have to exempt it. In Michigan, we can use either Federal exemptions or State exemptions. Most people use Federal exemptions so we will too for this post. Since there is no specific exemption for protecting a tax refund we use the "wildcard" exemption to protect it and it usually covers all of the refund. For example, your refund for the prior year was $4,000.00. You then file your...more
Have you run into particularly hard times and feel like you will have to file bankruptcy in order to escape imprisonment or save your personal assets? Then you need to act fast. You will need to find a reputable bankruptcy attorney who will be able to handle your case and get it solved by the book. In this way, you may also be able to lessen the...more
How To Refinance Your Mortgage After Bankruptcy It is a general conception that getting a refinance loan after filing a bankruptcy is quite difficult. But you can avail a home loan provided you pay the interest at a slightly higher rate. Generally, lenders do not prefer taking the risk of offering mortgages to someone who has filed...more
Do you know that more than 2 million people filed for bankruptcy in the US in 2006?Now, as the global economy is still repairing itself after surviving the slowdown, financial experts have put forth a view that more citizens could be filing for bankruptcies. These people will be (probably) filing such petitions while they consider debt consolidation programs and seek other financial help to save themselves from being harassed by the creditors or credit providing corporations.When it comes to the bankruptcy law, it has been noticed that people are filing for such petitions either under Chapter 7 or Chapter 13, depending on their individual situations and necessities. Now, if you are looking to file for bankruptcy under these postulates, you need to realize that there are several factors that need to be considered before you go ahead with the filing procedure. Firstly, you need to be well- acquainted with the bankruptcy law and its various provisions, your qualifications and disqualifications and the paperwork that needs to be documented while filing such petitions. This is exactly where a bankruptcy law firm can help you. From helping you with the initial paperwork to seeking relief...more
According to several reports, the number of bankruptcy filings has seen a dramatic increase in the last one year. On the other hand, lenders too have become more aggressive in pursuing their loans with many trying to force foreclosure instead of...more
Miami chapter 7 bankruptcy lawyer explains more about Florida Chapter 7 bankruptcy and Florida Chapter 13 bankruptcy.What is Chapter 7 bankruptcy?Chapter 7 bankruptcy is also known as 'straight bankruptcy' as this is a liquidation procedure. This...more
The state of the economy has lead to a seemingly growing trend in bankruptcy filing. There have been twice as many filings in the past decade than the decade before and the trend shows no sign of waning. Those who have lost their jobs and are unable...more
It is just as well to start by looking at what bankruptcy is. In simple terms, an individual or business entity is bankrupt when they can no longer pay their debts. It can take the form of being voluntary or involuntary.Voluntary bankruptcy occurs...more
Your life before bankruptcy and after bankruptcy will be very different--even if you had credit problems before. While a lot of marks on your report will look bad to professionals looking over your report, there is nothing like the reaction people...more
Canadians have been hit fairly hard by the financial economic breakdown. This has forced several people to look for the legal advice of reputable bankruptcy lawyers. For a variety of reasons, several people have arrived at the stage where their...more