Reasons To Consider Filing For Bankruptcy Before Christmas

If you are drowning in debt right now, you may be thinking about filing for bankruptcy. Many people who are thinking about filing often put off the filing until after the holidays. They may think that it's easier to wait until the holidays are over, they may not want to worry about debts during the holidays, or they may think anything they charge up during the holiday season can be discharged in their bankruptcy filing. Here are three reasons why you should consider filing for bankruptcy before Christmas instead of after. 

You Can Immediately Stop Phone Calls And Debt Collection Efforts

One of the reasons why you should consider filing for bankruptcy before Christmas is because you can immediately stop phone calls and debt collection efforts. It can be hard to get in the holiday spirit when debt collectors are mailing you threatening letters or constantly calling your phone. You can stop all of this and focus on the holidays without the stress and aggravation of debt collectors by filing for bankruptcy right away. 

Any Additional Christmas Debt May Not Be Able To Be Wiped Out

Another reason why you should consider filing for bankruptcy before Christmas is because any additional Christmas debt you incur likely cannot be wiped out. When you file bankruptcy, any non-necessities purchased in the last 90 days cannot be discharged in bankruptcy. As such, many people put off filing until after they are done holiday shopping, hoping to wrap their holiday bills up in the filing. Those bills cannot be included, so there's no point in waiting until after Christmas. 

Holiday Bonuses Can Affect Your Income When It Comes To Bankruptcy

The final reason why you should consider filing for bankruptcy before Christmas is because holiday bonuses can affect your income when it comes to bankruptcy. Bankruptcy courts look at your income over the last six months, which includes bonuses. A holiday bonus can increase your income if you file for bankruptcy within six months of receiving it. Filing before your holiday bonus comes does not affect your income. 

Deciding to file for bankruptcy is a big decision. If you are wondering if bankruptcy is right for you, or if you are ready to begin the process of filing, contact a bankruptcy attorney today. They can help you determine whether you should file for bankruptcy and when the right time to file is. Schedule a consultation with bankruptcy attorney services today. 

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