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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19141
Experience:  B.A.; M.B.A.; J.D.
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Would a tax refund anticipated for 2013 tax year be exempt

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Would a tax refund anticipated for 2013 tax year be exempt in a chapter 7 BK being filled in prior to Dec. 2013?
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Would a tax refund anticipated for 2013 tax year be exempt in a chapter 7 BK being filled in prior to Dec. 2013?




Response: Yes. See 11 U.S. C. Section 541 especially subsections (a)(5) and (a)(7)



http://doney.net/bkcode/11usc0541.htm

Customer: replied 4 years ago.

So, you are saying that the tax refund would be exempt? I looked at the link you sent and I don't see where it says that?

So, you are saying that the tax refund would be exempt? I looked at the link you sent and I don't see where it says that?


Response
: No, that is not what I am saying. What I am saying is that you can exempt it if you can because it is considered property of the estate.


The tax refund is the property of the bankruptcy estate and needs to be exempted to protect it from the bankruptcy trustee. That's why I sent you the link on what is considered property of the estate.


Let me know if you still need clarification.
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