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Bankruptcy Law/Income Tax Return, Ch 13

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Expert: - 10/30/2007


Question
My wife and I are considering a Ch 13 BK on around $80,000 unsecured debt (primarily credit cards).  Can our federal income tax refunds be held from us?  Thanks for any information you may be able to provide.

Answer
Your case can be designed to pay back your debt to protect your assets.  Each jurisdiction varies on whether the trustee will require you to turn over your tax refund to pay down the debt.  Chicago, where I practice, does not usually require it.  Check with a local bankruptcy attorney to see about your area.

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Terry Leeders

Expertise

Handles Chapter 7 and Chapter 13 bankruptcy cases.
10 years of extensive bankruptcy experience. Filed over 3000 cases
Chicago Bankruptcy Lawyer website
"One On One Personal Service You Deserve"

Experience

I have been practicing bankruptcy law for 10 years. I have helped over 3000 consumer bankruptcy clients in that time.

Organizations
Chicago Bar Association Illinois Bar Association

Publications
author of Chicago Bankruptcy Blog
Chicago Chapter 13 Bankruptcy Blog
Illinois Bankruptcy Law Blog
Fresh Start Partners

Education/Credentials
University of Illinois Thomas M. Cooley Law School
Chicago Bankruptcy Lawyer website

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