Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
What do you mean how will my refund be? The amount? probably about 2,000
Yes - I meant to ask how much you were getting for your income tax refund.
If you file a Bankruptcy before you receive and spend (on everyday expenses) your income tax refund, that refund can be taken by the Bankruptcy court, depending on the value of other assets you might own.
In Illinois, a Bankrutpcy filer is allowed to keep a total of $4,000 in personal property - including cash, bank accounts, and anticipated tax refunds.
If your other personal assets equal less than $2,000, you would be able to keep your tax refund. If your other personal assets are worth more than $2,000, and if you file before you receive your refund, you may have to surrender part of the refund to the Bankruptcy trustee.
I think this is what you wanted to know. If not, please let me know.Thank you.
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