As a TN Bankruptcy attorney, I know April 15th can be a stressful time for many. Thankfully, the IRS announced last week that it is extending this year’s tax deadline from April 15 to May 17, which gives all Americans a much welcome extra month to prepare. But just because we have the extra time doesn’t mean we should procrastinate. In fact, there are good reasons to file your taxes as soon as possible.
The biggest reason is that you could have a tax refund waiting, especially since the majority of taxpayers receive a tax refund. According to IRS data, about three in four Americans receive a tax refund each year, and the average amount refunded is around $3,000. If you file soon, you will be that much closer to your refund, which could not only help your finances right now, it could change your life.
Use your tax refund to file for bankruptcy and finally achieve financial freedom.
Debt often becomes a cycle we can’t break. Too often, I see people come into our office with debt that started as only a hundred dollars or so, but grew and grew over time. Especially with the past year we’ve had, many Americans are counting on a tax refund to pay off as much debt as they can.
Bankruptcy allows you to get out from under more than just a few bills. I’ve written before that, through bankruptcy, your refund can become 20x the amount written on the check. Bankruptcy was actually specifically designed to give you a way out of debt, permanently.
If you use your tax return to file a Chapter 7 or Chapter 13 bankruptcy in Tennessee, you can stop the debt cycle and finally achieve the financial freedom you deserve. A Chapter 7 will clean your financial slate of 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 circumstances with a complimentary consultation.
We can help if you owe back taxes, too.
Instead of looking forward to a refund, perhaps you’re dreading tax season for a different reason: you owe a lot in back taxes. This can feel like a very scary situation, especially because the IRS can seize your paycheck to take care of the debt. After the past year we’ve all had, that’s not a possibility you want weighing on you. Depending on your situation, a Chapter 7 or Chapter 13 bankruptcy can help clear your tax debt, too.
Talk to a TN bankruptcy attorney you can trust for FREE.
The 2021 tax season is an unusual one with the third round of stimulus checks, an extended filing date, adjustments to taxes owed on unemployment benefits, and more. This is also the year you could be on the path to total financial freedom.
If you’d like to use your tax refund to get out of debt permanently, give us a call at (901) 327-2100 or contact us online today to set up a free consultation. Our experienced bankruptcy attorneys can talk through your options and answer any questions you might have.
By starting the bankruptcy process sooner rather than later, you ensure that creditors can no longer garnish your wages or seize your property. Give us a call to find out how this year’s tax refund could be the key to changing your life.