Bankruptcy And The Holidays: Is Now the Time To File?

The holidays are stressful for everyone, especially if you are facing financial hardship. For some, you may be thinking about giving yourself the gift of financial freedom with bankruptcy but you likely have some questions like--is now the time to file? The Jones Law Firm explains why a pre-holiday bankruptcy filing may be right for you.

Stop Collectors From Calling and Wage Garnishment From Occurring

The holiday season should be a time of joy and celebration. Unfortunately, when you have debt collectors calling and your wage under garnishment, you’re feeling anything but merry and bright. By filing for bankruptcy before the holidays, you can stop wage garnishment and the automatic stay ensures that collectors will stop calling you for the duration of the bankruptcy. In addition, the automatic stay will protect you from:

• Eviction/Foreclosure
• Vehicle Repossession
• Utility Disconnection
• Lawsuit

By filing for bankruptcy before the holiday season, you’ll not only be on your way to financial freedom but also be able to enjoy your holidays without fear or recourse from debt collectors and utility companies.

Set Holiday Spending Budgets

Did you know that in 2019, the average American spent approximately $942 per person on holiday gifts? When you consider that the average household in Ohio has 2 or more people living in it, and then you consider grandparents and parents, older children, etc. that can all really add up! When considering filing for bankruptcy before the holidays, it will be more important to set spending budgets--on gifts, parties, meals, etc.--as the holidays are more than what’s wrapped in a bow. Being realistic on your budget will not only help you create a thoughtful holiday shopping plan but will be a good starting point for your new financial future. And remember--if you file for bankruptcy now, any holiday bonuses you receive in the future will likely not impact your means test.

Gives You a Chance To Start The New Year Fresh - Start the Bankruptcy Process

You may worry about giving your family a holiday they’ll remember. But consider the extra stress you put on yourself by waiting to file. When you begin the bankruptcy process before the holiday season, it gives you a chance to start the new year off right--minimizing debts, coming up with a new budget, and giving yourself a much-needed do-over. Let’s face it, 2020 has been a year of uncertainty. But your 2021 doesn’t have to be. Let us help you get on the road to financial freedom.

Make Your Holidays Bright With The Jones Law Firm

The holidays should be a time to reflect, grow, and celebrate without fear. But if you have looming debts and are considering bankruptcy, now is the time to contact Columbus, Ohio bankruptcy attorney Michael Ryan Jones. Our free consultation will give you an idea of the form of bankruptcy that is right for you, and if now is the right time for you. Don’t wait--start the new year off right.