February 13th, 2012 by Questions
I know I would lose the prior years of income tax and the year of my bankruptcy, but do I lose my income tax refunds for the next 7 years?
Posted from: Ontario
February 13, 2012 at 3:07 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
No, you will only lose income tax refunds for the year of bankruptcy and any years prior (assuming they haven’t already been filed and received). The seven years you are referring to is the maximum length of time your credit is damaged (and it is technically 6 years from the date your bankruptcy is finished), but rest assured you don’t loose taxes for the next 7 years.
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