Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Wil my tax refund be taken away from me if i have filed for bankruptcy? - Very possibly. When you file for bankruptcy you get a limited exemption of your personal assets. The remainder is taken by the bankruptcy court to satisfy your debts. Depending upon the timing of your bankruptcy there's a good chance that you will have to turn any refund over to the referee to be applied against your debts. -