Bankruptcy, Garnishment, Foreclosure, Virginia Beach, Norfolk, Richmond, Chesterfield, Portsmouth, Chesapeake, Hampton, Williamsburg, Henrico, Chester, Mechanicsville, Gloucester, tax refund bankruptcy
By John G. Merna, Esq.

This blog could also be called “Am I Flushing My Money Down The Toilet Because I Am Afraid”. If you are too afraid to take steps to put the credit nightmare you are living with behind you, then stop reading now. Seriously.

For those of you still reading, good for you. Having credit problems and financial set backs are a blow to anyone’s ego. You can feel a sense of failure and even shame. Any one still reading has worked past or is working past that unnecessary mindset. You have to, if you are to move forward, deal with the situation and move on to a more prosperous future. And it doesn’t cost a lot to reverse your fortunes. This year’s tax refund will do it. Yup. Still reading?

Assessing Your Situation

People facing financial difficulty and struggling with income fall over a broad spectrum. Some have only few negative marks or a small amount of debt but their cash flow is so tight they might as well owe a million dollars. They may struggle the rest of their lives to pay it off while forgoing purchasing a home due to bad credit and throw more of their hard earned wages at high interest rates on cars, furniture, and other credit.

Others are facing a mountain of bad debt due to a period of financial instability, but have recovered their income and have some cash flow to allow them to whittle away at the mess.

How do you determine if what I am about to tell you should apply to you? Ask yourself this question. “Am I able to pay my way out of debt within five years?” If the answer is “no” then keep reading. If the answer is “maybe” then still keep reading. If the answer is “yes” ask yourself if you are being realistic and then stop reading.


“But I could do credit counseling, consolidation and debt settlement.” If that was your response to the prior question, keep reading. All of these things are possible to solve bad debt. It is also possible you could be president of the United States if you were born in the country and over the age of 35. You have to ask and investigate whether these options are really realistic.

Change Your Life

So you determined you can’t pay off you bad credit in a five year period, if ever. You would like to purchase a home or get back on track financially and sleep better. No more creditor harassment. How do you do that?


Yes, bankruptcy. Don’t stop reading. All the misinformation you have heard is wrong. It doesn’t ruin your credit for 10 years. In fact you can purchase a house with three years after bankruptcy. How is that possible if it damages your credit? The answer is because it doesn’t. People confuse the damage that lead to the bankruptcy with the bankruptcy.

How does my tax refund factor in to this and change your life?

The point is that for less than what most people receive in a tax refund, which on average is $3,034 you can file bankruptcy and eliminate all of your unsecured debt. The bankruptcy puts you on a life changing path of credit recovery, which is dotted with owning home, getting better interest rates and saving your hard earned money.

So ask yourself “Am I able to pay my self out of debt in five years?” Which would put home ownership a few years beyond that, or is a bankruptcy fresh start this tax refund season really the way to the positive change that you would like for yourself? You decide.

If you decide a bankruptcy fresh start is the best way to change your life give the experienced, friendly attorneys of The Merna Law Group a call at 800-662-8813. Schedule an appointment today.

Other areas served: Henrico, Norfolk, Porstmouth, Richmond, Hampton

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