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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Bankruptcy filed in January of this year. Chapter 7. How does

Customer Question

Bankruptcy filed in January of this year. Chapter 7. How does this impact me filing my returns for last year and will any refund be taken by the bankruptcy?
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.
Hello markwade,

The filing of bankruptcy will not affect your tax returns in any way. There is nothing different that you need to do on your taxes for 2008 and you will not need to do anything diffrently in 2009.

As far as your refund, it is possible that the trustee of your case may take the refund, but it really depends on the amount of your refund and your entire financial situation. If you think you will be getting a substantial refund, you may want to consider filing for an extension of time to file your return. Filing an extension would give you until October 15th to file. By that time your bankruptcy case should be finalized, and then any refund you receive after that point would be yours to keep.

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Thank you.,