If you plan to file for bankruptcy, it can be tempting to postpone until the holidays are over. After all, December is a busy month and most people use their credit cards to purchase expensive gifts and pay for travel.

But in actuality, you may do more harm than good by waiting. The bankruptcy attorneys at Greene Law, PC in Connecticut explain three reasons why you shouldn’t wait until after the holidays to file for bankruptcy.

1. You’ll Still Have To Pay For Holiday Gifts You Purchased On Credit

Contrary to popular belief, if you put expenses on credit just before filing bankruptcy, those debts will not be erased with bankruptcy. Under Section 523 of the Bankruptcy Code, all debts for luxury goods or services over $600 and all cash advances aggregating $875 or more that happen within 90 days of filing for bankruptcy will not be erased.

2. Holiday Bonuses Can Affect The Court’s Opinion About Your Income

If you receive an end-of-the-year holiday bonus from your employer, this could artificially inflate your income for the year. If this happens, the bankruptcy court may give you a less favorable resolution than if you had filed before the holidays.  

3. Bankruptcy Attorneys Have More Time For Clients At The End Of The Year

Because everyone is focused on spending time with their families at this time of the year, fewer people file bankruptcy claims in December. Bankruptcy attorneys who are normally extremely busy will find themselves without any new clients. If you choose to file your bankruptcy claim now, not only will you be at the top of your attorney’s to-do list, but you’ll get more one-on-one time and attention from your attorney.

To find out why Greene Law, PC is Connecticut's first choice for legal counsel and representation, and for help filing either Chapter 7 or 13 bankruptcy, contact one of their bankruptcy attorneys at (860) 676-1336 or visit them online.