Round Lake, IL asked in Bankruptcy for Illinois

Q: You: Hello. I filed for chapter 7 in March but filed my 2015,2016,2017 ammendment from IRS. What happens to the money..

Im expexting over 6k back

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3 Lawyer Answers

Timothy Denison

  • Bankruptcy Lawyer
  • Louisville, KY

A: If you have exemptions left, you may protect some or all of it with your exemptions. If not, the trustee will likely distribute it to your unsecured creditors. You should discuss this with your babktmruptcy attorney immediately.

Ray Choudhry

  • Bankruptcy Lawyer
  • Moline, IL
  • Licensed in Illinois

A: The date you filed your bankruptcy is the magic date.

You also claimed exemptions.

If you didn't claim the tax refund as an exemption, it will have to be given to the Bankruptcy Trustee to pay your creditors.

Bruce Alexander Minnick


A: As Mr. Choudhdry said, the date you filed your bankruptcy is the magic date. Why? For the same reason you are happy about not having to pay any debt incurred before the bankruptcy. You last ownership to all assets as well as debt.

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