Don’t Wait Until July 15th to File Your Taxes

April 15th suddenly carries less weight this year. Last month, the Treasury Department and the IRS extended the annual tax filing deadline until July 15th due to the coronavirus pandemic, a much welcomed three-month reprieve. But just because we have a reprieve doesn’t mean we should procrastinate.

This is a time where many folks are hurting. Like many of you, I’m grateful that the IRS has made it easier for anyone struggling to make ends meet. However, from my perspective as a Memphis bankruptcy lawyer, tax season is a time for action. Whether you owe or if you’re getting a refund, I encourage you to tackle your taxes sooner rather than later.

Your tax refund could be the key to changing your life.

In many ways, it seems the pandemic has pressed a giant pause button. But life goes on, both the good and the bad of it. Our financial problems persist even as schools and businesses have shut down. Why wait for the refund that could help you move forward? Or, why wait to file bankruptcy and resolve any tax debt sooner rather than later?

Using your tax refund to file bankruptcy in TN

There’s no better use of your tax refund than filing bankruptcy. I’ve written before that, through bankruptcy, your refund can become 20x the amount written on the check.

Debt often becomes a cycle we can’t break. Too often, it leads to hopelessness. I see people come into our office with debt that started as only a hundred dollars or so, but grew and grew over time.

Bankruptcy was specifically designed to give you a way out. If you use your tax return to file a Chapter 7 or Chapter 13 bankruptcy in TN, you can stop the cycle, permanently. A Chapter 7 will wipe away all of your dischargeable debt, including credit card debt, medical debt, and more. A Chapter 13 will consolidate your debts into affordable monthly payments spread out over three to five years. Each offers its own advantages. I can walk you through the best option for your specific situation.

We can help if you owe back taxes, too.

Say you’re not getting a refund, but rather, owe a lot in back taxes. The IRS is empowered by law to seize your paycheck. This is not a time where you want that weighing on you. Depending on your circumstances, a Chapter 7 or Chapter 13 bankruptcy can help clear your tax debt, either by eliminating it altogether or consolidating it into payments.

Talk to a bankruptcy lawyer Memphis TN trusts today.

This is not a time to sit by, or to put off taxes even with the extension. Take control of your debt today. If you know you’re getting a refund, give us a call at (901) 327-2100.