Looking to receive the fastest tax refund possible? You can prepare and e-file your 2014 tax return on efile.com. This will ensure you receive the fastest tax refund the IRS allows; you can even have the funds directly deposited into your bank account. Electronic filing is the safest way to file a tax return and the fastest way to get your refund. Seventy-two hours after your tax return is accepted by the IRS, you can track your tax refund.
As many Americans use their refunds to purchase expensive electronics or long-awaited vacations, the National Bureau of Economic Research (NBER) found that more than 200,000 households use their tax refunds to file bankruptcy. This spike in bankruptcy filings towards the first part of the year has been attributed to the increased cost of filing, after U.S. bankruptcy laws changed in 2005. Families have been forced to delay filing until they can afford to pay the fees, according to the NBER.
Since changes to the law in 2005, the average cost of legal and administrative fees jumped from $921 in 2005 to $1,477 just two years later, according to the U.S. Government Accountability Office. The law was changed to prevent bankruptcy abuse. It was thought that too many people who could afford to pay their debts were taking advantage of the system. Since then, fewer people have filed for bankruptcy, but that does not mean these changes have reduced abuse of the system. The people who really need bankruptcy are the ones who are unable to afford the filing fees.
Last year the average tax refund was $3,096, enough for many distressed Americans to file for bankruptcy and get the necessary help they need.
If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.