October 4th, 2009 by Questions
I have not filed my taxes since 2005. I plan to file for bankrupcy this week and I`m just wondering how this will affect my tax refund from all those years?
Posted from: Ontario
October 05, 2009 at 8:29 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Any tax returns pertaining to the year of bankruptcy or any prior year is an asset of the bankruptcy estate. Meaning you will loose any of these outstanding refunds and they will be paid into your trustee and ultimately be used to create a disbursement among your creditors.
Conversely, if you have any outstanding tax that relates to prior to the day you file for bankruptcy, these outstanding tax debts will be cleared as part of that bankruptcy.
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