My husband and I are planning to file for bankruptcy under Chapter 7. We have no assets, essentially nothing a trustee can take my question is we usually get a tax refund when we file taxes, we haven't received a refund because it will be for 2011, (will file in 2012). I know tax refunds are considered part of the bankruptcy estate. If we list it as an asset that we're expecting can we exempt it as we have no other exemptions to claim? how can we exempt it? We have 2 dependents, my husband is making less than 30K a year, I am currently unemployed. PLEASE HELP!
Answer
You should be fine as up to $10k is exempt for the refund.
Best of luck.
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