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Bankruptcy and Tax Refunds in Cincinnati

The process of filing for bankruptcy and obtaining the financial relief associated with it can feel like an exceedingly complex process for many Cincinnati residents. In particular, determining what will become of a person’s tax return after filing for bankruptcy can be confusing. With that in mind, it may be beneficial for you consult with one of the Cincinnati bankruptcy attorneys at Ryan J. Ruehle Attorney at Law, LLC to better understand how your tax return may be affected by bankruptcy filing.

If you are considering filing for bankruptcy in the Cincinnati area, our Cincinnati legal team can help you ensure that your decision will be fully informed.

How Bankruptcy Might Affect Your Tax Return

Since any income tax that will be returned to you is considered to be part of your estate—it is only being returned to you because too much money was withheld from your earnings—your tax return may be dispersed by the bankruptcy trustee. While every case will be unique, there are a few general rules that you should keep in mind if you are considering filing for bankruptcy in Cincinnati, including the following:

  • Tax refunds are extremely likely to be seized in Chapter 13 bankruptcy
  • Tax refunds may be seized in Chapter 7 bankruptcy, though there are exceptions
  • There are some exemptions you may use to protect your tax return
  • Fluctuation in your assets, as related to liquidation, may alter your tax return
  • For tax purposes, debtors and bankruptcy trustees may share the paperwork burden
  • If you are audited, it may disrupt the bankruptcy process

Whatever the exact circumstances of your situation may be, our Cincinnati legal team will be capable of helping you make decisions that are highly informed so that you can make a decision you are comfortable with.

Consult with Cincinnati Bankruptcy Lawyers

At Ryan J. Ruehle Attorney at Law, LLC, our Cincinnati bankruptcy lawyers are prepared to help you determine whether you may be capable of protecting your income tax return after filing for bankruptcy in the Cincinnati area. To discuss the particulars of your financial situation with one of our bankruptcy lawyers, please call our Cincinnati offices at (513) 621-0999 today.

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