If you file a Chapter 7 personal bankruptcy in New york, you could be thinking the way it will influence your tax lawyer ny refund. There are numerous aspects that figure out regardless of whether you may continue to keep your refund, or whether you will reduce it beneath the Chapter seven filing: one) If you are a house owner, and have taken the homestead exemption (in New york, this exemption is presently $50,000 per filer), you cannot claim a tax exemption. If you're owed a refund at the time in the Chapter seven filing, it will be compensated for the Chapter seven trustee. two) Should you filed Chapter 7 following January one, but earlier than your tax lawyer nyc refund is disbursed, the refund are going to be compensated to your Chapter seven trustee. three) When you filed your taxes jointly using your husband or wife, but you would be the just one named around the Chapter 7 filing, you might often eliminate only 50 % of your tax refund. 4) Tax refunds are pro-rated for Chapter 7 filings built earlier than January one. Should you file personal bankruptcy on July 1, you're going to get 50 % the refund, and also the trustee will obtain the other 50 %; should you file on October one, you wil only get to maintain one-quarter with the refund. five) In the event you file Chapter 7 soon after you receive your tax refund, and also you devote the refund, you usually will not likely need to fork out it back except if you used it for making a preferential payment to a debtor (e.g., a charge card organization, a relative who lent you capital). Should the refund was applied to buy normal costs, you will not must fret about the trustee coming right after it. 6) If you didn't get the homestead exemption, or else you are certainly not a home owner, you are able to declare an exemption of $2,500 per filer in The big apple. Any refund about this threshold are going to be compensated on the Chapter 7 trustee. Lastly, understand that long run tax many years will not be affected by your Chapter 7 filing - only the tax year through which the personal bankruptcy petition was built. New york personal bankruptcy tax lawyer Jay S. Fleischman would be the Managing Legal professional of Fleischman Buyer Law Middle. He has helped 1000's of New york individuals stop their bill problems and get back again their good credit score. Drop by http://www.NewYorkBankruptcyHelp.com to learn far more about your alternatives, inquire concerns, and get a lot more information and facts.