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Is It Better to File Bankruptcy Before or After the Holidays?

Is It Better to File Bankruptcy Before or After the Holidays?

Timing is crucial if you are planning to file bankruptcy to get out of debt. When the holidays come around, many people with serious debt issues try to work around their financial troubles because they feel it will be better to just deal with it next year. However, if you spend too much time and effort worrying about your holiday obligations, your debt will only grow. Additionally, your creditors do not go away just because it’s a holiday. So if you are tired of getting calls from collection agencies regarding your debt, then you should consider filing for bankruptcy during the holidays.

When you file for Chapter 7 or Chapter 13 bankruptcy, the court will issue an automatic stay that informs your creditors to cease collection and repossession actions. Once this happens, collection agencies cannot try to get in touch with you to recover a debt until the automatic stay has been lifted. While bankruptcy is something you probably don’t want to think about during the holiday season, it might actually be the perfect time for you to file your petition, especially if you are being harassed by creditors.

If you do decide you want to file for bankruptcy around the holidays, don’t think of it as an excuse to charge all of your presents on your credit card. If you intentionally incur debt on your credit cards because you anticipate filing for bankruptcy, the debt will be counted as non-dischargeable and you will still be on the hook for the full amount. That is why we encourage our clients to be reasonable with their holiday purchases if they are seriously considering bankruptcy.

Don’t let the stress of being in debt dim your holiday cheer, consult with us today to discuss your situation with one of our attorneys so we can devise the perfect bankruptcy plan for you. At Bach Law Offices, Inc., we are committed to helping clients obtain financial security and take full advantage of the Bankruptcy Code. Our lawyers have more than 40 years of combined professional experience, and we are here to use our extensive resources to protect your best interests.

To schedule your free case consultation with a member of our law firm, call (847) 448-0025 today.

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