The funny thing about receiving your income tax return check is that momentary feeling that your financial situation is actually better than it is. Most of the time people are living week to week, paycheck to paycheck, someone you have several thousand dollars in your bank account the realization of your present financial situation is forgotten about. This is the reason people go through their tax return money so quickly, because all the things they wanted to do they finally have the money to do, instead of using that money to get you out of the situation that is causing you to not be able to do what you want to do with your life.
There is also a particular type of strategy to filing chapter 7 bankruptcy, which is why we usually do not file for clients right before they receive their tax return. Because in chapter 7 bankruptcy, if you have a large supply of money, that is more than you are allowed to exempt by the rules of the bankruptcy code, your chapter 7 bankruptcy trustee will liquidate those funds. The best thing to do with your tax return money, is to pay for your chapter 7 bankruptcy costs in one shot, instead of attempting to make payments over a period of time, and then finally file for bankruptcy after all of that is paid off. Also there are certain debts that are not dischargeable in chapter 7 bankruptcy, this is a perfect time to use that money to deal with those debts. Finally all those projects, or necessary items you need for your home or family, should be purchased with this money, not purchased in the future through the use of a credit card. After all that’s what got you in the situation didn’t it?
This is the reason why you go to an experienced bankruptcy attorney, you do not shop for the cheapest price bankruptcy attorney. When you file bankruptcy you are making one of the biggest financial choices of your life, are you gonna leave that choice up to the lawyer who charges the least amount of money? After all, you get what you pay for. An experience bankruptcy attorney will not simply produce and file your bankruptcy documents, they will give your financial situation a thorough overview and discuss the best strategy for using the money that you have to get the optimal results from it. Any attorney who graduated law school and passed the bar exam should have the mental capability of filling out the bankruptcy forms, do you really want the bare minimum when you’re making the largest financial choice in your life?
Many people who are in the situation where they are going to file bankruptcy, are mentally and emotionally drained. This put you in a situation where the ability to make rational and sound financial decisions has been taken away from you, because of the months or years of financial strain you’ve been under. This is the perfect opportunity, once you actually have enough money to pay for an experience bankruptcy attorney, to have them evaluate your financial situation and also help you best decide where to place and use the money from your tax return.
Do not wait until next year, because your financial situation will not get any better and you will simply waste thousands of dollars just to keep your head above water, but you’re still thinking and eventually you will drowned in debt. It is best to be proactive and not reactive to financial problems, do not wait until you have a lawsuit against you and your forced to file bankruptcy. There is no worst time to do something in life, other than when you have no other choice but to do it. Take your life into your own hands and change your life for the better, by filing chapter 7 bankruptcy when it best suits you, not when you’re forced to do so. I would say over 50% of my chapter 7 bankruptcy clients come to me because of lawsuits filed against them by credit cards or other lenders. It’s not that they didn’t visit me before they got there court ordered appearance in the mail, it simply they didn’t move forward until they were forced to. Remember that chapter 7 bankruptcy required to pay all your legal fees and filing fees before your attorney files, you cannot pay as you go in a chapter 7 bankruptcy. If any attorney attempts to give you a payment plan, in which you pay money after your chapter 7 bankruptcy is filed, that attorney is committing a crime and is not informing you of the rules of bankruptcy. Take your life under control and file bankruptcy under your terms, not when you’re forced to.
Joseph F. Botelho, Esq.
BOTELHO LAW GROUP
Attorneys At Law
901 Eastern Ave.
Fall River, MA 02723
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