How Will Bankruptcy Affect Your Income Tax Refund?

The most common question we hear at this time of year is “What will happen to my Income Tax Refund if I file bankruptcy?”

IF you’re filing for Chapter 7, it’s likely that your refund will be protected, as it’s considered an asset. IF you’re filing during tax season, your attorney can work with you to be sure you’re maximizing your refund. Many times, we encourage clients to file when they get their refund, as this extra money can be put towards the cost of your case.

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Eliminate Income Tax Debt With Bankruptcy

eliminate income tax debt with bankruptcyIt’s tax season again, which means we’re getting more questions about income taxes and tax debts. Many times, we talk to clients who’re already struggling with overwhelming debt, and the possibility of additional debt to the IRS is incredibly stressful.

The government tightened bankruptcy laws in 2005, but in many cases, it’s still possible to reduce an income tax debt. You’ll definitely want to meet with an experienced bankruptcy attorney who can explain your options and any possible relief you might be able to achieve.

If you’re already being audited, a bankruptcy proceeding won’t stop your audit. It will, however, stop any collection action while the bankruptcy is pending.

If you didn’t file a tax return (or if you didn’t file several), you’re not allowed to discharge any of the debt. Before you file for bankruptcy, your attorney must prove that you filed your four most recent tax returns.

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Is Chapter 7 Right For Me?

If you’re like most Dallas area residents who are struggling with debt, you’re wondering how you’re going to catch up – and if possibly, bankruptcy might help you. Many of our clients call us because they’re not sure how bankruptcy works, or which chapter they should file. Our experienced bankruptcy attorneys will walk through your financial picture, then explain your various options.

If you’re curious about Chapter 7 bankruptcy, our latest video explains the primary difference between Chapter 7 and Chapter 13. If you think that Chapter 7 might apply to your situation, please call us – we’d be glad to help get you the fresh start you deserve.

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What can bankruptcy do for me?

Are you struggling with overwhelming debt and asking yourself, “What can bankruptcy do for me?” – then our latest video will answer all your questions. We’ve helped hundreds of Dallas area residents by erasing their credit card debt, stopping foreclosures, stopping repossessions, and more. Watch our video for more details about what bankruptcy can do and how it can help you get the fresh start you deserve.

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Should You File for Bankruptcy? [VIDEO]

Obviously, this is the most common question we hear from potential clients. Bankruptcy can be intimidating if you don’t know what’s involved – and that’s why we provide free consultation calls to everyone. Everyone who calls gets to talk to Mark, and he’ll take the time to listen to your financial situation and explain your options.

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Eliminating Tax Debt With Bankruptcy

Taxes and BankruptcyIt’s tax day, and that means many Americans are finding out that they owe even more money, thanks to the IRS. We always get questions at this time of year about how filing for bankruptcy will affect a family finances. In our last blog post, we discussed what can happen with any potential tax refunds during bankruptcy, and this time, we’re going to discuss how filing will affect a tax debt.

Even though the government tightened bankruptcy laws back in 2005, you still have the ability to relieve a tax burden. It’s important to meet with a qualified bankruptcy attorney first, so you can walk through the details of your situation and fully understand the possible tax implications or relieve you might receive.

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Chapter 13 Bankruptcy Compared To Traditional Debt Consolidation

Chapter 7 bankruptcy informationLet’s Learn About Chapter 13 Bankruptcy
(aka our ‘Debt-Survival’ plan)

Most of the bankruptcy laws are set forth in Title 11 of the United States Code, which  is divided into chapters. For instance, there is Chapter 7 (sometimes called “total bankruptcy”, but that term is misleading), Chapter 13 (sometimes loosely referred to as the “bill consolidation” version of bankruptcy or a “wage earner plan”), Chapter 12 (bankruptcy for the family farmer), and Chapter 11 (bankruptcy for huge corporations).

The 2 chapters available to most people in need of help are Chapter 7 and Chapter 13. This post is going to cover Chapter 13.

The best way to do explain Chapter 13 bankruptcy is to compare it to Chapter 7. If you’re not familiar with Chapter 7 bankruptcy, click the link to read more information.

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By | August 6th, 2013|Bankruptcy, Debt|Comments Off on Chapter 13 Bankruptcy Compared To Traditional Debt Consolidation

Do I Have Enough Debt To file Bankruptcy?

enough debt to file bankruptcyDo I have enough debt to file bankruptcy?

That’s a good question.

Many, if not most, of our clients eliminate a substantial amount of debt in filing a bankruptcy case.  However, this is not the only criteria.  A good number of our clients do not have any unsecured debt. They are behind on home and/or car payments and need some relief to catch these payments up.  Other clients want to rebuild their credit.  There are so many criteria in deciding whether to file a bankruptcy case that it is important to seek the advice of an experienced bankruptcy attorney who can walk you through all the different options that are available to you.

Call today for a FREE Debt Consultation.
Call toll free 214-760-7777.

By | July 29th, 2013|Bankruptcy, Debt|Comments Off on Do I Have Enough Debt To file Bankruptcy?