You’re thinking about filing for bankruptcy in New York and you’re wondering, What will happen to my tax refund when I file my case? After all, you rely on that big check to carry you through for a number of essential reasons. For some, it’s forced savings through the year. For others, it’s like a [...]
Bankruptcy information for New York consumers. Published by Jay S. Fleischman, a New York bankruptcy lawyer helping consumers end their bill problems using Chapter 7 and Chapter 13 bankruptcy.
Tag Archive: tax refunds
Earned Income Tax Credit In New York Bankruptcy Cases
When you file for bankruptcy in New York, any income tax refund that you have not yet received and are entitled to as of the date of the bankruptcy filing is consider property of the estate.
In New York, Debtor and Creditor Law § 283(2) allows you to claim a case exemption of up to $2,500 [...]
Why Getting A Big Tax Refund Is No Cause For Celebration
Around this time each year my bankruptcy clients routinely ask if they will be able to keep their tax refunds when they file for bankruptcy. The answer is complex, and depends on the type of bankruptcy they file. Generally, a debtor can keep up to $2,500 in cash and cash equivalents that they have as [...]
