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rapid tax refund Tag

Tax Refund – Where Did You Spend It?

When you attend a 341 Meeting of Creditors in bankruptcy court, the trustee is going to ask, "What did you do with your tax refund?"  Since it is currently tax refund season, both chapter 13 and chapter 7 trustees are asking this question.If you have a bad answer to this question, it could negatively impact your case. Bad Answer to the Tax Refund Question Here is an example of a bad answer.  "I received $5,000.00 and I used it to go on vacation right before I filed bankruptcy."  Taking a vacation right before filing bankruptcy and using money that could have gone...

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Bankruptcy and Rapid Tax Refund in Georgia

If you are in an active Chapter 13 bankruptcy, you cannot receive a rapid tax refund while your case is active. The reason for this prohibition is that a rapid tax refund is a loan against the tax refund you will receive next year. While you are in an active Chapter 13 bankruptcy, you can't incur any new debt.I was meeting with a Rome GA bankruptcy client today who said, "Hey Jeff, I'm in a 100 percent Chapter 13 plan and you told me that I could keep all of my future tax refunds since I'm paying off all of...

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