Transcript:
00:00:00
Many people ask about their tax refund in bankruptcy and will they lose it and that is very rare that it happens. Uh but most some of the times it just takes a little bit of advanced planning or timing to make sure that that doesn’t happen. in chapter 13 uh a payment plan through the court. Sometimes there are rules where uh people don’t uh might not be able to keep the entire amount if it’s a fairly high tax refund uh over more than several thousand. But uh even that can be overcome with
00:00:42
proof of out of the ordinary uh expenses, emergencies, medical bills, home repairs, things like that. In chapter 7, sometimes uh people have the room uh that they can already protect it, but then there sometimes if someone has a lot of home equity, maybe there isn’t room uh to protect that tax refund. So sometimes it just takes a couple of extra months of waiting to push the button to file the case where someone receives that tax refund, spends it down, then they file the case after that. uh so uh it’s that they don’t lose
00:01:21
- So, uh, it just takes communicating with us about how much you’re going to get and when you’re going to get it, and then we’re able to plan from there.
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