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Tax filing strategy for bankruptcies

Most people filing for bankruptcy are struggling to make financial ends meet. If you're in this situation and you have a sizable tax return coming your way, you might want to try and keep your tax refund money, which could be very helpful to you financially. In fact, with some careful bankruptcy planning and good advice from a highly experienced bankruptcy lawyer, you might be able to do just that.

At the Rose Law Office, we hold our clients' hands through every step of the bankruptcy process and we look out for anything we can do to make their lives easier during their proceedings. For example, in Chapter 7 matters, we will get creative and use the law to your advantage in order to help you exempt as much of your personal property from liquidation as we possibly can. Indeed, many of our clients are surprised at just how much we can save them in this regard.

With regard to tax returns, usually your return will be included in your bankruptcy estate and you won't be able to keep it. The return is typically seized and used to pay off creditors. However, in some cases, you can exempt a portion of your return if you can qualify for the Additional Child Tax Credit and/or the Earned Income Credit. For individual's whose tax refunds are not completely or partially exempt, you might also be able to time the filing of your bankruptcy in a way that allows you to keep your tax return money.

It is vital to be very careful whenever you are implementing strategies to keep you tax refunds in bankruptcy proceedings, as if it is not done appropriately, you could get into trouble with the bankruptcy court. Therefore, Ohio bankruptcy filers should always consult with a qualified attorney when they are concerned about their tax returns and the bankruptcy process.

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Phone: 513-621-7902
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