Tax Credits and Bankruptcy

Tax credits are a great way to save money on taxes. However, when it comes to filing for bankruptcy, tax credits can be more complicated. Depending on the type of bankruptcy you file and the kind of tax credit involved, different rules may apply.

If you are considering filing for bankruptcy but have received a tax credit recently, it is important to understand how it will affect your case. Generally speaking, any refundable tax credits that you received before filing for bankruptcy will be treated as assets by the court. This means they must be included in your estate and might not be eligible for discharge through the bankruptcy process.

On the other hand, non-refundable tax credits cannot be refunded or paid out after submitting your request for bankruptcy protection.

The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at the 12738 Ramona Blvd Baldwin Park CA 91706