Many times over the years, I’ve had to rely on my tax refund to pull me out of a jam. It was usually property taxes or HOA dues that needed to be paid and I’d have to wait on the IRS refund to pay that bill. I’ve learned over time not to rely on the IRS to save me.
The Newsroom at IRS.GOV recently reported that refunds are down about 17 percent this year, which is about $550.00. Even the number of people who are eligible for a refund dropped by 26.5 percent this year. If you are used to having a refund to pull you out of a crisis, it may be time to look for another way out.
If you qualify, Chapter 7 and Chapter 13 bankruptcy can help you find relief from the credit card debt and the interest that keeps accruing. In Chapter 7, you do not have to make payments to any of your unsecured creditors during the case and most of these debts will be discharged at the end of the case, with the exception of things like child support, alimony, some tax debt and student loans. You must qualify to file Chapter 7, however, through your income and an analysis of your assets will also need to be prepared by a qualified attorney.
In Chapter 13, you can establish a payment plan to repay some portion of your unsecured debts over a 3 to 5 year payment plan. The amount you repay to these creditors again depend upon your income and your assets. If you have low income and a low amount of assets, your repayment plan will likely be lower. In a Chapter 13, you can also establish a payment plan to take care of property taxes or HOA dues that have come due. It can even help you catch up on a car or mortgage payments.
Once you file bankruptcy, your creditors are prohibited from collecting against you in any way. They are not allowed to call you, send you letters, file or proceed with any lawsuits or judgments against you, etc. Thus, you can have peace of mind without any harassing calls.
Please give me a call at 281-847-4345. I’ll be happy to sit down with you for a free, no obligation consultation to evaluate your situation and inform you of your different options on taking care of your debt through bankruptcy. You can also send me an email at firstname.lastname@example.org. I look forward to hearing from you soon.
Rod S. Kemsley
KEMSLEY LAW FIRM, P.L.L.C.
Attorneys & Counselors at Law
505 N. Sam Houston Parkway E., Suite 400
Houston, Texas 77060