I am pleased to announce that Mile High Bankruptcy has expanded hours and service available during the 2013 tax filing season. Tax season is particularly busy for bankruptcy attorneys in Denver and nationwide because many individuals pay for their chapter 7 bankruptcies with their tax refunds.
If a person files bankruptcy and has not received their refund, they may be required to turn the refund over to the bankruptcy trustee as an asset of the bankruptcy estate. As standard bankruptcy planning, most bankruptcy lawyers in Denver would advise clients to file their taxes first and spend the refund on reasonable bankruptcy legal fees and other family necessities before filing their bankruptcy to avoid losing their refunds. This is entirely permissible if the funds are spent on family necessities and not paid to relatives or other insiders or to pay any debts in excess of $600.
For more information about filing bankrutpcy in Colorado see: Filing for Chapter 7 in Colorado