You have got important individual property and don’t would like to lose them to liquidation, foreclosure, or repossession. A first-rate example is For those who have a large amount of fairness created up in your house.
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A tax refund is dealt with as income or every other financial asset when you file for chapter 7 bankruptcy. The sum of money you have available from this refund will go towards repayment of your expenditures. Any dollars you receive immediately after filing for bankruptcy is yours to help
Should you file for bankruptcy less than Chapter thirteen, your bankruptcy trustee will most likely want to make use of your tax refund to pay your creditors. Which is simply because all of your disposable money goes into your repayment approach, along with a tax refund will most likely be
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Chapter thirteen bankruptcy requires lengthier than one other typical type of customer bankruptcy, Chapter 7, which forgives most types of debt, like credit cards, medical expenses and personal financial loans.
Based on your jurisdiction, the trustee will send out you periodic statement