income tax and bankruptcy

January 12th, 2009 by Questions

hello,

i have a question in regards to bankruptcy and income tax returns. if an individual decides to file for bankruptcy prior to filing for income tax of this year, will he/she be able to keep the amount claimed in the income tax return, or will this be taken away? when is it better to file bankruptcy so that the individual can keep the income tax money- before or after bankruptcy? thankyou.

Posted from: Nova Scotia

Questions

One Response to “income tax and bankruptcy”


January 12, 2009 at 11:02 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

You would not be able to retain the tax refunds. Once a bankruptcy is filed any refund, whether it is from the year of bankruptcy or the years prior to bankruptcy is lost.

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