One reason to consider filing a Chapter 7 bankruptcy and discharging debt before year end is your income tax refund. Your tax refund increases during the year. Chapter 7 property is determined by the filing date, so if you file your bankruptcy before December 31, only a portion of your tax refund is property of the bankruptcy estate. The earlier you file, the less of your tax refund is included in the bankruptcy estate and available for the trustee to take. This could mean thousands of dollars for people who receive large income tax refunds. With the right attorney, however, your entire tax refund can be saved.
Located on Milwaukee's south side, including Bay View, St. Francis, Cudahy, South Milwaukee, Oak Creek, and Northern Racine County, and more. Croke & Croke can guide you through the bankruptcy process, protecting your tax refunds for you.