Lynchburg
(434) 845-2600
Danville
(434) 791-4711
Harrisonburg
(540) 689-0904
Staunton
(540) 294-4562
Winchester
(540) 931-0913
Toll Free
(800) 254-2760

The DO’s and DON’Ts of Protecting a Tax Refund in Bankruptcy

For many people, a tax refund is a good way to pay for things, like Bankruptcy legal fees, that are often so difficult to save for during the year. Receiving large tax refunds right before a Bankruptcy is filed can create problems for some people, though, if they are not careful about how they spend their money. To help you have the best chance of keeping your tax refund & having a successful Bankruptcy, read the following “Dos and Don’ts” for protecting a tax refund in Bankruptcy.

  • DO tell your Bankruptcy Attorney about your tax refund so he or she can help your protect it.
  • DO keep up with how you spend your tax refund. Try to keep receipts and notes on the purchases you make.
  • DO save as much as you can to help you make ends meet during the year.
  • DON’T pay back family, friends or business partners without first talking to your Attorney.
  • DON’T feel like you must spend all of your tax refund before filing Bankruptcy or that you have to hide your tax refund. The best way to maximize your chances of keeping your tax refund is to disclose it to your Attorney and on your Bankruptcy papers.
  • DON’T give your tax refund as a gift to anyone and don’t put it in someone else’s bank account.
  • DON’T pay any large debts with your tax refund without first talking to your Bankruptcy Attorney about it.

The bottom line? Make sure you discuss these issues with your Attorney!

[Google Profile Post]

Tax Refund
Cox Law Group - Dos and Donts of Protecting a Tax Refund
All-Star Lawyers
Cox Law Group - All-Star Lawyer Award

Nation Association of Consumer Bankruptcy Attorneys

David Cox is a member of NACBA and serves as the Virginia State Co-Chair.
Super Lawyers
Featured News

Janice Hansen, Heidi Shafer & David Cox voted by their peers to be part of Lynchburg Business Magazine’s 2018 Top Lawyers’ list for Bankruptcy. http://lynchburgbusinessmag.com/top-lawyers-2018-19/

On November 9, 2018, David Cox spoke on a panel on complex issues involving small business debtors in bankruptcy at the 33rd Annual Mid-Atlantic Institute […]

On November 16, 2018, David Cox published a recent article regarding tax issues in bankruptcy in the Consumer Newsletter of the American Bankruptcy Institute (ABI). […]

David Cox will be a featured speaker discussing the topic of the increasing number of elderly filing for consumer bankruptcy at the Annual Meeting of […]

David Cox has been invited to speak about consumer bankruptcy issues at the Southeastern Bankruptcy Law Institute in Atlanta, Georgia, in March, 2019. http://sbli-inc.org/

David Cox named Top Lawyer in Dec/Jan 2017-18 issue of Lynchburg Business Magazine based on peer to peer survey among lawyers in the region.

View of the 2017 Bankruptcy Practice in Virginia - CLE
The 2017 edition of Bankruptcy Practice in Virginia, published by Virginia CLE and co-edited by David Cox has been released. It is the only comprehensive, […]

Setup an Appointment




Name
Address

,
City/County
Phone
Email
Message
Time/Day Preference
Which office do you prefer?
Are you a current client that would like to discuss your case?
How do you want us to confirm your appointment time?

Please enter the code below:

captcha

Office Locations

Lynchburg

900 Lakeside Dr
Lynchburg, VA 24501


(434) 845-2600
(800) 254-2760
info@coxlawgroup.com

Danville

122 South Market St
Danville, VA 24541


(434) 791-4711
(800) 254-2760
info@coxlawgroup.com

Staunton

119 S Augusta St
Staunton, VA 24401


(540) 294-4562
(800) 254-2760
info@coxlawgroup.com

Winchester

609 Cedar Creek Gr, Ste A
Winchester, VA 22601


(540) 931-0913
(800) 254-2760
info@coxlawgroup.com

Harrisonburg

100 S Mason St, Ste D
Harrisonburg, VA 22801


(540) 689-0904
(800) 254-2760
info@coxlawgroup.com