Does Filing for Chapter 7 Bankruptcy Mean I Automatically Loose My Tax Refund?

Filing for chapter 7 bankruptcy does not mean that you automatically lose your tax refund. When you file for chapter 7 bankruptcy, you are allowed to exempt, or protect, a certain amount of real and/ or personal property. These exemptions allow you to keep these assets in spite of your bankruptcy filing. One exemption, called the wildcard exemption, can be used to exempt any type of property, including tax refunds. In Georgia, the amont of the wildcard exemption is $600.00 plus any unused amount of the homestead exemption up to $5,600.00 for an individual and up to $11,200.00 per married couple.

An experienced chapter 7 bankruptcy attorney will be able to utilize all available exemptions to protect your assets, including your tax refund. Call Douglas County Bankruptcy Lawyers today to schedule a free consultation and chapter 7 bankruptcy exemption analysis.