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Should You Pay Bankruptcy Debt With Your Tax Return?

As soon as you know the right decision for you is to file for bankruptcy, your next step should be in setting up a consultation with an experienced Kentucky bankruptcy attorney. Right from this point on you will feel a sense of relief that you are no longer alone regarding your debt situation. Most people who have to file for bankruptcy are not doing so easily, they simply have no other choice.

Navigating Without Confusion

The tendency is with most people if they happen to get any extra money they really do want to try and pay down their debt, even though it is not going to make a significant change to their financial situation. Often when they get their tax return they consider using it to give to their debtors. Their thinking is this may look good in the eyes of the bankruptcy courts that they were at least trying to make an effort. This sort of effort could get misconstrued. You should follow all of the directions of your legal counsel regarding your bankruptcy including what to do with your tax return.

Your attorney will guide you through the bankruptcy proceedings and will also deal with your creditors if necessary. No doubt you are being hounded for payments, and the thought may be that your tax return is a way to get them off your back temporarily. This most likely will not be the case. Chances are you are in need of assistance to pay for your bankruptcy and the money from your tax return would be better spent on this.

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Schwartz Bankruptcy Law Center

Office Locations:

Louisville Office
3339 Taylorsville Road
Louisville, KY 40205

Phone: 502-785-8549
Phone: 502-485-9200
Fax: 502-485-9220
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New Albany Office
501 State Street
New Albany, Indiana 47150

Phone: 502-785-8549
Phone: 812-945-9200
Fax: 502-485-9220
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