Lucas Ruffing Law

Bankruptcy Blog

Filing Bankruptcy with a Tax Refund: A Wise Financial Decision

It is very common for people to use their tax refunds to file bankruptcy. Below is an illustration of why I think it’s wise:

  • If you get a $2,500 refund, you could use $1,500 to pay for you bankruptcy, and keep the remaining $1,000;

  • Let’s say you owe $30,000 in credit cards, loans, medical bills, etc., and they’re all eliminated by the bankruptcy…

  • Now you’ve just turned a $2,500 tax refund into a $30,000 benefit, and you still have $1,000 remaining!

Obviously, the above is just an example, but I’d say the numbers are pretty consistent with a typical situation.

Another important thing to note:

  • If you’ve already received your refund, it’s crucial to avoid spending it on non-essential purchases before filing. Consulting a bankruptcy attorney ensures you navigate this process effectively and make the most of the legal protections available.

You can contact me, attorney Lucas Ruffing, to schedule your FREE phone consultation.

Thanks,

Lucas Ruffing
Attorney
740-815-1114 (call/text)
LucasRuffingLaw@gmail.com (email)

 

Lucas Ruffing