Of all the things people wish for a Christmas Bankruptcy seems far down the list, but there are reasons why it may be a very good time of the year to file. The first reason is obviously getting a fresh start in time for the new year.
Another very good reason to file a bankruptcy around the Christmas season is that your Trustee must complete your income tax return for the year of the bankruptcy and the year prior. If you are accustomed to getting a substantial income tax refund, you may lose two years of tax refunds by waiting for the new year to file your bankruptcy.
Most people facing debt problems procrastinate before seeing a Trustee. In fact, some people avoid Trustees like the plague and end up getting ripped off by credit or debt counselling companies before arriving at the door of a Trustee for meaningful help. A Christmas Bankruptcy may be a blessing in disguise – by filing for bankruptcy before Christmas you get a fresh start in the new year and you may receive a significant tax refund next year.
After the bankruptcy is discharged and over and as credit starts to become available again many people are surprised at how quickly things change and how easily they can put the parts of the financial life back together. Filing for bankruptcy ensures that you will get two at least two informative credit counselling sessions, designed to help you manage money and debt better than ever before,
Our office will be open during the holiday season so if a Christmas Bankruptcy is right for you we are here to help, just call 519-646-2222 or email [email protected] to make your free appointment.