chapter 7 bankruptcy - An Overview
The kind of bankruptcy you file can considerably have an affect on your tax return. In Chapter seven bankruptcy, specific forms of tax debts could possibly be discharged totally. In distinction, Chapter 13 bankruptcy normally consists of tax debts inside of a repayment approach, letting you to pay them around a length of time.
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On the other hand, depending on your repayment program provisions, your trustee, and the amount personal debt you're having to pay, you could be capable to keep the money tax refund if:
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IRS could offset write-up-petition tax overpayments to other tax debts or send them to bankruptcy trustee if requested.
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Getting a tax refund through a Chapter 7 will have an impact on your case the same as should you had acquired the refund previous to your situation becoming submitted.
The same old target of Chapter eleven bankruptcy is To place together a debt reorganization and repayment approach for companies and people today with equally significant debt and sizeable assets.
Chapter 13 trustees have different insurance policies when it concerns using debtors’ ongoing tax refunds. Some examples of these procedures include: