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Can I Use my Tax Refund to Pay for Bankruptcy?
I know I need to file for bankruptcy, but I don’t have money to pay the filing fee and attorney fees. I heard that tax returns are not protected by bankruptcy, so can I just use that to pay the fees?
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Answers
Yes, you can use your tax return to pay for bankruptcy. Many attorneys actually advise clients to wait until they get their tax return to file, because it’s actually an acceptable way of keeping that cash out of the hands of your creditors.
If you were to file for bankruptcy and then get a tax return, it would likely be lost to creditors anyway, so you might as well use it up first.
Keep in mind, there are certain state specific laws regarding this that are constantly changing, so make sure you consult with a bankruptcy lawyer before you make any decisions regarding you bankruptcy case.
It is possible that, if not done correctly, using your tax return may be seen as "deceptive" by the court, and may result in legal issues down the road in bankruptcy court.
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Posted by Domenica Ginocchio on 25 Mar 2010
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