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Study notes tax season spike in consumer bankruptcy filings

Recent studies suggest that bankruptcy filings spike around tax season. With many individuals in Maryland receive a substantial refund during this time, there are countless ways in which to spend it. Some people may have their eyes set on a particular purchase, while others who are constantly dealing with overwhelming debt may have bills to pay. For the latter, they may find this to be an excellent time to consider filing for consumer bankruptcy.

Many people may have considered bankruptcy at one point or another, but they may not have been able to afford it at the time. Filing for bankruptcy may seem expensive at first, but the benefits of getting out from under overwhelming debt may outweigh the cost of filing significantly. Using a tax return to file for bankruptcy may help an individual eliminate certain debts and begin moving forward with his or her life.

Excessive medical and/or credit card bills can strangle an individual. When a person has a significant amount of these types of debt, a large portion of his or her income may be dedicated to bills alone. This can create various challenges, such as causing an individual to be unable to put money away for important purchases and/or retirement.

An individual who is experiencing significant financial difficulties may want to consider filing for Chapter 7 bankruptcy. Consumer bankruptcy can help eliminate some debts, such as medical expenses and credit card debt. Since the process can be complex, an individual in Maryland may speak with a an experienced attorney for assistance in securing a better financial future.

Source: USA Today, "When a tax refund means bankruptcy", Sean Pyle, April 3, 2017

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