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Will I Lose My Tax Refund if I m Filing Bankruptcy in Missouri or Illinois

? The answer to this question is a simple yes or no. Of course, an experienced St Louis Missouri bankruptcy attorney could tell you the answer for your specific situation but, in the mean time, here are a few general rules regarding the fate of your tax refund in Missouri or Illinois bankruptcy.

If you owe any money to Uncle Sam, like back taxes, the IRS can take your refund to pay on your debt. They may even be able to take it even if you aren't filing bankruptcy. In a Chapter 13 in Missouri, however, there is a local rule that allows debtors to keep a portion, if not all, of your tax refund. Even better, for the time being in Illinois, you can keep your refund.

Putting off getting protection from foreclosure, credit card debt help, and relief from your creditors just to save your tax refund may not be the best idea either. If you owe money for child support, student loans, or other government loans, the government can still take your refund to apply to these debts.

Even if Uncle Sam isn't a creditor of yours, others can still get after your cash. Are your creditors levying your bank accounts? Creditors can get after that extra cash you have in the bank. Even if you don't hire a St Louis bankruptcy attorney to take care of your debt, you may not want to have your tax refund direct deposited. If your creditors are after your checking accounts, it may be best to just get your refund the old fashioned waythrough a check in the mail that you can cash yourself.

It may be time to think of your tax refund a little differently. Shouldn't you be using your tax refund to pay on your debts anyway? All the rules associated with Chapter 7 and Chapter 13 bankruptcy are designed to get you out of debt, not to keep you in it. While we could all use an extra sum of cash, it may be best that your refund go straight to getting out from under crushing amounts of debt.

Remember, bankruptcy is a powerful federal law that can change your life. With the help of a bankruptcy attorney, you can finally build the life you want to have for you and your family. Educating yourself with free material is one of the best ways to tell if bankruptcy is right for you or not.

About Author Jim Brown :

Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, "Get Out of Debt: Secrets Your Creditors Don't Want You to Know." You can request a free copy at <a href="" target="_blank"></a>

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Article Added on Friday, August 6, 2010
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