Legal Question in Bankruptcy in Texas

Exemption of cash (due to irs tax refund) in TX.

Would like to know the exemptions allowed for cash on hand if we file chapter 13. The cash is from an irs tax refund in Texas. How much cash are allowed to keep?


Asked on 3/31/03, 11:04 pm

2 Answers from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Exemption of cash (due to irs tax refund) in TX.

First, you should have legal representation if you file a Chap 13. If you do ask your lawyer. A hort answer to your question is that the cash you have you do not necessarily have to give up in a Chap 13. Depends on your circumstances. If you owe $60,000 and have $60,000 in cash that doesn't work. If you owe $60,000 and have $2,000 in cash that would prbably be okay. It is a complex area and simple answers should not be relied on. Call with questions. Larry Maun 713.266.2560

Read more
Answered on 4/01/03, 9:28 am
Andrew Nichols Law Office of Andrew B. Nichols

Re: Exemption of cash (due to irs tax refund) in TX.

Generally, your money from a tax return will probably be yours to keep however a lot depends on how much other assets you have and how much the refund is for. For example, if you have a tax refund of $10,000.00 then something isn't exactly right if you are filing for bankruptcy. I SRONGLY RECOMMEND YOU HIRE AN ATTORNEY. Chapter 13 cases are not simple. There is a great deal of strategy involved. I would be happy to speak with you in more detail regarding the specifics of your case. ph. (214) 979-7330 or (800) 303-0720

Read more
Answered on 4/01/03, 12:24 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Texas