The Power of the Tax Refund

If you have a lot of credit card debt or other bills you can’t pay, your tax refund could be the key to changing your life and could be worth a lot more than it seems.

We often overlook the power of our tax refund. Perhaps we forget it’s coming, and so we don’t work it into our budget. Or if we do remember it, we spend it on short-term things that don’t make a major difference in our lives. Maybe the most responsible of us try to save it or use it to pay off some bills.

But it’s a big deal to get any influx in cash, especially if you already have debt. Why not use this money to make the biggest difference possible for your future?

As a bankruptcy attorney in Memphis, TN, I’ve seen firsthand how getting out of debt changes a person’s life forever. I’ve seen clients go back to school, save for retirement, and help their churches and communities. Getting out from under the burden of debt means financial freedom, and that means hope.

Why Your Tax Refund Means More When You Have Debt

If that freedom appeals, let me show you how your tax refund could be worth 20x more than what’s written on the check:

Let’s say you have $1000 in credit card debt, with a 15% interest rate. And let’s say you can’t pay it back. In one year, you’ll owe nearly as much as your debt in interest. And at the minimum payments, it could take you ten years to pay it off!

Most credit cards have an even higher rate of interest, and many Americans have much higher debt. This doesn’t even include medical bills, tax debt, and many of the other ways we can get into financial trouble.

The worst part is that interest grows over time. And if you can’t pay, you have to deal with fines and fees as well. So in ten years you could easily end up owing 20x your original debt.

Using Your Tax Return to File Bankruptcy in TN

using your tax return to file bankruptcy in TNYou may not even realize how much your debt is costing you or how long it might take to pay it back. Clients have come into our office with what started as a few hundred dollars of credit card debt that followed them for years and grew over time, until it felt impossible to pay off.

This cycle can feel totally overwhelming, like a pit you can’t get out of. You may feel hopeless – many people who’ve been where you are felt the same way.

But by using your tax return to file bankruptcy in TN through Chapter 7 or Chapter 13, you can actually stop this horrible cycle in its tracks and get a totally fresh start. Through bankruptcy, you can get rid of debt worth twenty times your refund, let alone all the years ahead of paying interest and other fees.

That’s a worthwhile investment that could change your life forever.

What Would Financial Freedom Look Like?

Think about it: Suddenly being able to save up money, tithe again, and give to your family. Being able to plan a vacation and enjoy your life without the worry of debt.

Helping people use their refunds to change their lives is one of the most rewarding parts of my job. I love reminding people there’s hope, and that the money you’ve earned back from your tax filing can be worth so much more for you and your family.

There’s financial freedom ahead for you, and your tax refund can make it possible.

I’m happy to walk through the process with you and help you experience the freedom I’ve seen so many people enjoy. Contact me today to set up a free appointment, no strings attached.