How Do the Holidays Affect Your Bankruptcy Plans?
It is no fun to listen to teens yap about how their stress will skyrocket to unbearable levels if you take away their devices even for a short time, but the fact that people are more open about their emotions now than they were a generation ago takes away one of the many stressors of the holidays, even while it leaves the others in place. In the old days, the holidays were the time to pretend to be happy even when you were struggling with financial hardship, illness, bereavement, addiction, or some combination thereof, and another cup of adult eggnog was the only remedy available if the first cup of eggnog failed to bring an adequate level of fake cheer to your face. Today, even if the family members with whom you will spend the main holiday celebrations are focused on keeping up appearances, there is probably someone somewhere in whom you can confide. In other words, if you are planning on filing for bankruptcy soon, or if you have recently filed, there is probably someone in your life who understands why this has put a damper on your holiday spirit. If you are looking for advice about whether to file for bankruptcy now or whether to get through the holidays as best you can and then file, the best person to consult is a Miami chapter 13 bankruptcy lawyer.
What Happens If You File for Bankruptcy Now?
In some respects, it makes sense to file for bankruptcy immediately instead of waiting until after the holidays. For example, the sooner you file for bankruptcy, the sooner the bankruptcy court can discharge your eligible debts. If yours is a chapter 13 case, the bankruptcy court’s repayment plan will be less stressful than the current situation of multiple creditors pursuing you for amounts that you cannot afford to pay. Even more importantly, if you are in danger of creditors garnishing your paychecks, you should file immediately, because as soon as the court receives the bankruptcy filing, it will pause all the garnishment proceedings.
What Happens If You Wait Until After the Holidays to File for Bankruptcy?
Even though you might feel a sense of emotional relief as soon as you file the bankruptcy paperwork, the debt relief associated with filing for bankruptcy protection does not happen overnight. You must go through several preliminary steps such as court-ordered credit counseling before you can begin making payments on your chapter 13 payment plan or, in a chapter 7 case, get your eligible debts discharged in one fell swoop. Trying to comply with these requirements during the holiday season can be a challenge, especially if you have minor children who will be out of school for winter break, or if you have relatives visiting you from out of town.
Work With a Debt Lawyer About Bankruptcy in the Holiday Season
A South Florida debt lawyer can help you if you are considering filing for bankruptcy before or after the holidays. Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.
