Phoenix Bankruptcy Law News

March 2013 Archives

Getting a Tax Refund? Now's the Time to File for Bankruptcy

It's tax season. Interestingly, there seems to be a correlation between tax season and bankruptcies. According to the Los Angeles Times, bankruptcies rise after tax refunds are issued.

A study conducted by several universities found that for the 2008 tax year, bankruptcy filings increased 7% after the IRS issued tax refunds.

So in a way, are we seeing a "bankruptcy season" following tax season? Quite possibly. But why is that?

Top 5 Bankruptcy Myths Debunked

The word "bankruptcy" alone is enough to make people shudder. Part of that is because it's a difficult process, but part of it is also because of bankruptcy myths that make it seem even worse.

Sure, the process isn't pleasant, but many people don't even really understand what that process is. That means they have no way of knowing whether it's the right choice for them.

To help set the record straight, we wanted to break down some common myths about bankruptcy and give some real information about what the process involves. Then you can make an informed decision about whether bankruptcy can help you.

How Bankruptcy Can Be a Boon in Foreclosure

Bankruptcy and foreclosure: Either of them alone is enough to make most people run, but dealing with both together? A nightmare, right?

Actually, bankruptcy might just save you in foreclosure. Admittedly, it's not the way people hope to be saved from foreclosure. But filing for bankruptcy can help you save your house if it's in the process of foreclosure or about to be.

Both foreclosure and bankruptcy come about as a result of significant debt, and neither should be taken lightly. But choosing bankruptcy can have some significant benefits.