Expert: Terry Leeders - 12/3/2008

Question
My husband and I are working with a Bankruptcy lawyer due to my husband losing his job and I have gone back to college after running a home daycare for 9 years. We are planning on filing Chpt.7 the end of Jan.2009.  My question is if I file my tax return in Feb. will I receive my return?  Also, I am currently a student and the reason for waiting until Jan. is to receive my student loan for spring semester.  Will I be able to receive any student loans following this filing?

Answer
Maybe. it would depend on your state exemptions to see if the lawyer can protect any refund.  Some courts ask that it be turned over for creditors, some can be protected in some jurisdictions,depending on how much you get back.  Ask your attorney.  Your student loans are not income, so you should be fine receiving them.