Thinking of filing for bankruptcy around the Christmas holidays? Keep the following information in mind before you do:

  1. Non-Dischargeable Debt
    According to bankruptcy law, those who choose to file for bankruptcy near the holiday season are still responsible for any debt acquired as a result of purchasing gifts. This means that if you purchase any gifts within 90 days before Christmas, these debts will not go away after filing for bankruptcy.
  2. Cash Advances
    Any cash advances amounting to $925 or more during the 70 days prior to the filing are also considered non-dischargeable, and will not go away as a result of your bankruptcy.
  3. Holiday Bonuses
    Holiday Bonuses are considered regular income in the eyes of the bankruptcy court. If you receive a holiday bonus, this will play a role in what type of bankruptcy you will be qualified to apply for.

Before making any decision regarding bankruptcy, it’s always smart to talk to a bankruptcy attorney. A chat with a bankruptcy attorney may clear up any concerns, and help you decide which option is best for you. If you are thinking about filing for bankruptcy, call Sam Henry today for a free initial consultation.