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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17239
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I will be filing chapter 7 bankruptcy (I passed the means test).

Customer Question

I will be filing chapter 7 bankruptcy (I passed the means test). I have a joint bank account with my boyfriend and I am getting a tax refund of $5400, so I need to know if I will have to give my tax refund to the courts or if I can keep that money for my living expenses?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification

WALLSTREETESQ :

If you are expecting a refund, it is often to your advantage to hold off on filing your bankruptcy petition until you have received the money, in FL the trustee can take the entire refund, unless you can claim some exemptions,

WALLSTREETESQ :

Personal property up to $1,000. Personal property may include such items as furniture, art, and electronics. (Art. 10 Sec. 4, Fl. Constitution)

WALLSTREETESQ :

A debtor may claim up to $4,000 of personal property as exempt if the debtor does not use the homestead exemption. (Fl. Stat. 222.25.)

WALLSTREETESQ :

The above exemptions may be used to exempt the tax refund as well, which may save most of it.

WALLSTREETESQ :

If you are not receiving the benefit of Florida’s homestead exemption, you may claim up to $4,000 of personal property (like a tax refund) you own as exempt and protect it from being taken from you when you file bankruptcy.

Expert:  WALLSTREETESQ replied 4 years ago.
WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification

WALLSTREETESQ :

If you are expecting a refund, it is often to your advantage to hold off on filing your bankruptcy petition until you have received the money, in FL the trustee can take the entire refund, unless you can claim some exemptions,

WALLSTREETESQ :

Personal property up to $1,000. Personal property may include such items as furniture, art, and electronics. (Art. 10 Sec. 4, Fl. Constitution)

WALLSTREETESQ :

A debtor may claim up to $4,000 of personal property as exempt if the debtor does not use the homestead exemption. (Fl. Stat. 222.25.)

WALLSTREETESQ :

The above exemptions may be used to exempt the tax refund as well, which may save most of it.

WALLSTREETESQ :

If you are not receiving the benefit of Florida's homestead exemption, you may claim up to $4,000 of personal property (like a tax refund) you own as exempt and protect it from being taken from you when you file bankruptcy.

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