Expert: Terry Leeders - 1/10/2008

Question
My boyfriend needs to file bankruptcy. He has so much debt from his divorce, a house that was foreclosed, the works. If he gets a large income tax return, is there a time limit to when he can file bankruptcy without them coming after his return?

Answer
Each jurisdiction is different in what the trustee can collect on.  Each state has exemptions to protect assets, such as tax refunds.  He should speak to a local bankruptcy lawyer to see how much can be protected and to time the filing of the case to maximize what he can keep.