Should I File for Bankruptcy After Christmas?

Bankruptcy is often the last thing anyone wants to think about around the holidays, especially with so many things going on during this time of year. Many people think that putting it off until after the first of the year is the best option. However, some of the reasons why people tend to wait until after Christmas to file actually won’t help them at all.

For example, many people mistakenly believe that if they wait until after the holidays, bankruptcy will get rid of all their holiday shopping debt. Others believe that filing right after Christmas will give them a fresh start in the New Year. Unfortunately, neither way will benefit the filer, and here’s why:

  • Any debt incurred either three months before or three months after Christmas cannot be discharged according to bankruptcy law. The only exception are debts that can be considered “necessities.” Filers would still be responsible for paying any new debt.
  • Bankruptcy is not an overnight process. It can take months to receive a bankruptcy discharge, so filing after Christmas will not actually mean you will be debt-free by January.

Thus, the best time to plan on filing for bankruptcy is in the spring, summer, or fall. That way, you can enjoy your holidays and hopefully receive a discharge before the beginning of the following year.

Board-Certified Bankruptcy Specialists in Los Angeles

If you are considering bankruptcy and aren’t sure when the best time is to file, contact Wadhwani & Shanfeld to begin discussing your options. After reviewing your case, we can help you choose which filing option is right for you, go over an approximate timeline, and help you gather all necessary documentation to be used for your filing. With more than 40 years of experience and an A+ Rating from the Better Business Bureau, Wadhwani & Shanfeld has successfully helped more than 15,000 clients in the Los Angeles area. To schedule a no-cost consultation with a Los Angeles bankruptcy lawyer at our firm, please call us today at (800) 996-9932.

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