When a Chapter 7 bankruptcy is filed, the court appoints a trustee whose job is to collect assets, turn them into cash, and use that to pay creditors. The pool of assets that can be reached by the trustee, called the “estate” is created on the day that the bankruptcy petition is filed with the [...]
I was told that if you file for a chapter 7 or chapter 13 you would lose any tax refund that you were going to receive back from the government .Is this true ?
If you file a Chapter 7 bankruptcy in New York, you might be wondering how it will affect your tax refund. There are several factors that determine whether you can keep your refund, or whether you will lose it under the Chapter 7 filing: 1) If you’re a homeowner, and have taken the homestead exemption [...]