Detroit, MI asked in Bankruptcy for Michigan

Q: Is there a time of year that is best to file for bankruptcy?

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3 Lawyer Answers
David Earl Phillips
David Earl Phillips
Answered
  • Bankruptcy Lawyer
  • Nashville, TN

A: Between January and April you may find that the Trustees in Bankruptcy Court will have more questions regarding your IRS Tax Refund and how much that amount may be. Depending on the local customs of your Bankruptcy Court, sometimes the refund could be an issue. It depends on your exemptions, and again the amount of the refund. Talk with a Local Bankruptcy Lawyer who will know how your Court looks at IRS Refunds to see if that might be an issue. Other than that, I know of no other reason why filing bankruptcy at a particular time of year would matter. Hope it works out. Good Luck.

Thomas. R. Morris
Thomas. R. Morris
Answered
  • Bankruptcy Lawyer
  • Farmington Hills, MI
  • Licensed in Michigan

A: Perhaps just after you have received and spent your tax refund based upon a return filed early in the year. Other than that, it’s not really a seasonal thing.

Robert Keyes
Robert Keyes
Answered
  • Bankruptcy Lawyer
  • Ypsilanti, MI
  • Licensed in Michigan

A: I agree with both of the other answers. One of the things trustees look for is whether you paid money to friends and relatives with your refund. Don’t do that. Another thing is a possible waiver of the $335 filing fee. If you have significant $ in the bank the trustee will probably object to the waiver if you otherwise qualify. I always file for the waiver but only if the debtor does not have a large refund coming.

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