April 10, 2024

Why Filing Your Tax Returns Before Bankruptcy Matters

Welcome to another episode of The Georgia Bankruptcy Podcast! Today, we have an important topic to discuss. Join me as we delve into the world of bankruptcy law and explore why filing your tax returns before declaring bankruptcy is crucial.

When it comes to bankruptcy, many people focus solely on their financial situation. However, there is one aspect that is often overlooked but can greatly impact the outcome of your case – your tax returns. Filing your tax returns before bankruptcy is not just a legal requirement, but it also plays a significant role in determining the success of your bankruptcy proceedings.

Compliance with the Law:
As a responsible citizen, it is essential to fulfill your tax obligations. Filing your tax returns demonstrates your compliance with the law and shows the bankruptcy court that you are taking your financial responsibilities seriously. Failure to file your tax returns can raise red flags and may lead to your bankruptcy case being dismissed.

Accurate Assessment of Your Financial Situation:
Your tax returns provide a comprehensive overview of your financial situation, including your income, expenses, and assets. This information is crucial for the bankruptcy court to assess your ability to repay your debts. By having up-to-date tax returns, you provide an accurate representation of your financial standing, which can influence the court’s decision on the type of bankruptcy you qualify for and the terms of your repayment plan.

Protection Against Accusations of Fraud:
Bankruptcy fraud is a serious offense that can result in criminal charges. Filing your tax returns before bankruptcy helps protect you against accusations of fraud. By providing complete and accurate tax information, you demonstrate transparency and honesty, reducing the likelihood of any fraudulent activities being associated with your bankruptcy case.

Filing your tax returns before declaring bankruptcy is not just a legal requirement; it is a vital step in ensuring the success of your bankruptcy proceedings. By complying with the law, providing an accurate assessment of your financial situation, and protecting yourself against accusations of fraud, you increase your chances of a favorable outcome.

If you’re considering bankruptcy, make sure to listen to this episode of The Georgia Bankruptcy Podcast. Join me as we explore the importance of filing your tax returns and how it can impact your bankruptcy case. Don’t miss out on this valuable information that can help you navigate the complexities of bankruptcy law. Tune in now!

AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!! You can check that out and subscribe to YouTube.

If you want to know more about Attorney Jeff Kelly, you may reach out to him at:

Join our email newsletter to be alerted about our next episodes!

Every week, you get to listen to our hosts respond to one of your questions submitted by one of our viewers!

Break free from the burden of debt!

Dealing with foreclosure, repossession, garnishment, or other financial
problems? Let us help you! Fill out the form to send us a message

Copyright © 2021 Kelly Bankruptcy Podcast | Powered by Advantage Attorney Marketing & Cloud Solutions




Enjoy luxury, exclusivity and discretion


Get 25% Off & Free Shipping On Your First Order. Enter Code WELL25SPE