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Many people rely on tax refunds to supplement their annual income, make purchases or catch up on expenses. For instance, you may choose to pay rent or an outstanding bill, either in advance or to catch up on payments.
Tax refunds happen once a year, and they’re not guaranteed. While a refund is your money, if you can’t pay your rent without using it, that’s a problem. Those are expenses you should be able to pay regardless.
It used to be that during tax season, people were able to set aside money to pay their bills. This generally doesn’t happen anymore. Even though some people use their tax refunds to pay bills, it’s frequently not enough.
Relying on tax refunds to manage your regular expenses is a problem. If you can’t stay afloat financially and continually use your tax refund to slow down an avalanche of debt, that’s a sign you should look into filing bankruptcy.
If I tell you not to file bankruptcy, it’s because I have looked at your situation and seen other solutions that don’t require bankruptcy.
For example, I recently had a client who was looking into bankruptcy because of what they saw in their credit report. When I looked at their situation, I saw they made just enough money that they weren’t going to qualify. They also didn’t have enough debt. They had enough to worry about but not enough to file for bankruptcy. They were also going to get help from a family member with paying off a vehicle.
There are situations where a tax refund affects the decision to file. However, most of the time, taxes do not affect how I advise someone. The exception is when the refund has been used to pay basic expenses.
Case in point: I had a client who used a sizable tax refund to pay back a loan from their family. Because they didn’t have the money to fully pay the loan back, I could see it was going to create a negative financial situation for them and hurt their bankruptcy case. I told them to call me in a year, as I could see that this was going to be an issue that they could not resolve without eventually filing for bankruptcy.
Attorney Alec Solomita is an experienced lawyer based in Orlando, FL, who has helped countless clients like you navigate the intricacies of bankruptcy law. With more than 17 years of experience, he is prepared to assist you in deciding whether filing for bankruptcy is the right decision after tax season so you can regain your financial footing.
Still have questions? Ready to get started? Contact the Solomita Law, PLLC. today to schedule an initial consultation.
I have a reputation among clients for honesty and not beating around the bush. If you call me, we’re going to have a real conversation. I’m not selling you something when we talk. I’m asking you the same questions I ask everyone. I’m analyzing your case the same way I would anyone else’s. I’ll tell you both the good and bad news about your case.
Chapter 13 bankruptcy is a poor choice for most clients, and you should only choose this route if you have no other options. Chapter 13 is stressful, expensive and often doesn’t work out. While I am in this business to make money, I’m not in the business of putting you in a worse position than where I found you.
My goal is to put you in a better position or at least let you know what the pitfalls of filing a bankruptcy are. If you still want to file, I’ll tell you what I think before I take your money.
I’ve had people call me who want to file a Chapter 13 to save their cars. They couldn’t make their payments to begin with, and now they want to file a Chapter 13 for a vehicle. They would still have to make the car payment every month, pay attorney’s fees, and continue paying to catch up on what they already owe.
In these cases, bankruptcy would make things far more complicated. I don’t take these bankruptcy cases, and I’ll tell you if I don’t think bankruptcy is a good fit for your case.
I’m not looking to make money based on what I see in your case. I want you to know the worst aspects of your case. If you say yes to working with me, you’ll have a realistic sense of how your case will proceed, and I won’t sugar-coat anything about the bankruptcy process.
Even if they don’t retain me, people often thank me for taking the time to talk with them and for being honest.
Still Have Questions? Ready To Get Started?
For more information on filing bankruptcy after tax season in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (407) 305-5599 today.
Attorney Alec Solomita is an experienced lawyer based in Orlando, FL, who has helped countless clients like you navigate the intricacies of bankruptcy law. With more than 17 years of experience, he is prepared to assist you in deciding whether filing for bankruptcy is the right decision after tax season so you can regain your financial footing.
Still have questions? Ready to get started? Contact the Solomita Law, PLLC. today to schedule an initial consultation.
