Tax Refunds in Columbus Bankruptcy

When considering bankruptcy in Columbus, it is important to know how your assets will be treated. Along the same lines, you should become familiar with how the court will deal with your tax refund.

Columbus Ohio Banruptcy can help to determine if you are eligible to keep your income tax refund when filing bankruptcy

Whether or not you lose your refund depends on many factors. Generally speaking, filing for Chapter 7 Bankruptcy allows you to protect a tax refund. On the other hand, this is not typically the case with Chapter 13 Bankruptcy.


In addition to the type of bankruptcy you are filing, there are other details your trustee will take into consideration, including when you are filing for bankruptcy as well as the steps you take to protect the refund.


Chapter 7 and Tax Refunds

When you file for bankruptcy, your refund, even if you have yet to file for that year, is considered an asset by the court. Just the same as other assets, if your refund is exempt the court does not have the legal right to take it from you.


The allowable exemption amount is different in each state, therefore Ohio bankruptcy exemptions must be utilized to determine the actual amount of your refund will have a lot to say about whether or not you can keep it.


Chapter 13 and Tax Refunds

With Chapter 13 Bankruptcy in Columbus, Ohio, you can expect your bankruptcy trustee to closely monitor any refunds due to you during the life of your repayment plan, which typically lasts three to five years.


If you get involved with a repayment plan that pays less than the total amount of your debt, the trustee may keep your refund. Furthermore, a Chapter 13 filing requires that all disposable income be made available through the plan. Unfortunately for the person who is filing, tax refunds fit this mold.


Tax refunds are treated differently based on the type of bankruptcy you are filing, as well as where you live.


Tax Refunds in Columbus Bankruptcy

Are you confused as to how your refund will be treated by the bankruptcy trustee? Consult with an experienced bankruptcy attorney in Columbus who can review your case, help you decide which type of bankruptcy is best, and then make it simple for you to understand what will happen to your refund this year and in subsequent years.


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Bankruptcy Attorney Scott Needleman
Rated 5/5 based on 9 reviews

East Main St. Bankruptcy Law Office:

5300 E. Main, Suite 109

Columbus, OH 43213

614-575-1188 - Phone

614-575-1186 - Fax


As an added convenience you may request to meet at our Downtown Columbus Bankruptcy Law Office:

175 S. Third Street  Suite 200

Columbus, OH 43215

614-575-1188 - Phone

The Needleman Law Office is a debt relief agency in Columbus, OH aiming to help people file for protection under the U.S. Bankruptcy Code. As a bankruptcy attorney in Columbus, Ohio, our practice is limited to bankruptcy law, foreclosure defense, consumer protection laws and debt collection law. Needleman Law Office will provide a foreclosure or bankruptcy lawyer, or debt collections attorney, for your protection from creditors and debt collectors, serving clients in the following Ohio cities and their surrounding areas: Columbus, Bexley, Pickerington, Blacklick, Gahanna, Reynoldsburg, Westerville, and throughout Franklin, Licking, Fairfield, and Delaware Counties.

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