Should I Wait to File for Bankruptcy Until After the Holidays?

Hand on calculator

The end of the year always seems to fly by in a blink of an eye. With the rush of holiday shopping, gathering with family and friends, and thinking ahead to the new year, it’s easy to lose sight of other important things. One thing that shouldn’t be pushed to the wayside is when you should file for bankruptcy. Is it better to file for bankruptcy now or wait until you ring in the new year?

Bankruptcy Timeline

A common mistake people make when thinking about when to file bankruptcy is that it is a short process with a quick turnaround. This is not the case. For most bankruptcy cases, it takes a while to get to the other side. If you wait to file until after Christmas or any other major winter holiday, you will most likely not be debt-free in the new year.

Another misconception is that waiting to file after Christmas will help erase your holiday spending debt. Again that is not true. Waiting to file right after spending a lot on holiday gifts will not help erase these purchases from your debt. Most likely, this debt you have just accrued won’t be eligible to be forgiven with bankruptcy. Debts that you have accrued three months, before or after, Christmas are not allowed to be considered under bankruptcy law. The only exception is for necessities.

How We Can Help

Having a skilled and compassionate bankruptcy lawyer on your side can make all the difference. Here at The Law Offices Of Mayer & Newton we pride ourselves on our experience and drive to learn our customers and their cases inside and out. We understand that deciding to file for bankruptcy can be overwhelming. It is a scary decision, but not one you have to make alone. We ensure you have all the resources you need to make the right and informed decision.

Contact us at (865) 328-7993 if you think filing for bankruptcy might be the right decision for you this holiday season. We are here to help you make a clear decision and timeline.