Holiday Money Woes: File for Bankruptcy Before or After?

With the holidays quickly approaching, it means busy schedules, gift buying and the start of a brand new year. But when you’re struggling financially and thinking about filing for bankruptcy, the season has an entirely new level of stress.

As one of the busiest times of the year, you may think there are benefits until waiting until after the holidays are over to file bankruptcy. While the argument for filing after the holidays largely revolves around having the time to focus on your case, people also believe that waiting until the holidays are over to begin the filing process will allow you to discharge your holiday expenses.

However, there are a few strong reasons you may want to try completing the filing process before the holidays.

1. You can focus on enjoying your holiday.

If you wait until the holidays are over, you’ll stress about filing for the entire season. As you try to enjoy your time with your friends and family, worrying about filing for bankruptcy will always be in the back of your mind. But when you file before the holidays begin, you can complete that huge task and focus on enjoying your holiday.

2. You won’t overspend on gifts.

Many people believe that filing for bankruptcy after the holidays are over will allow them to discharge the expenses they acquired over the season. Unfortunately, this may not be the case and you’ll still be left with high bills that you need to pay. However, filing for bankruptcy before the season begins will help you keep your spending in check.

3. Gifts and bonuses will influence your income.

If you’re looking forward to a sizable holiday bonus or monetary gift this holiday, you may want to consider making filing for bankruptcy a priority. Because this money can influence your income to the point that you may not be able to file for the chapter of bankruptcy you’re hoping for, getting the paperwork in before the bonus or gift can help your filing run more smoothly.

If you’re considering filing for bankruptcy, don’t wait until after the holidays are over. Carve some time out of your busy schedule to begin the process and you can enter the New Year with a fresh, clean slate.

For assistance through the Brooklyn bankruptcy process, contact Michael F. Kanzer & Associates, P.C. You can contact our Brooklyn law office at 718-769-7200.

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