File Bankruptcy Before the Holiday's

SHOULD YOU FILE BANKRUPTCY BEFORE THE HOLIDAYS

I have been asked this question many times over the life of my career. Should I file right before the holidays.

If the thought of your phone ringing constantly during the holiday season with creditors calling every waking hour of the day, then this is a great time to get on the financial ball and get a bankruptcy filed.

You can start the new year out right, you can eliminate that financial burden lingering over you. Think of this as a new resolution, one that you cannot fail at; you can get a fresh start to a new financial future. There are three reasons to file before the holiday season

1. You Can Look at Your Budget Now.

The pre holiday season is actually a perfect time to create, and stick to a budget. With impending gifts to be bought and countless meals to plan for, not to mention office parties and social gatherings the bills can add up, and if you sit down now and budget before the holidays you can see what you have available to spend, and stay within that amount. You will thank yourself in January when all the excitement settles and the dust clears.

2. Avoid Those Creditor Calls

Now one of the biggest benefits I tell my clients about is the Automatic Stay, in bankruptcy, chapter 7 and 13 both have the benefit of stopping the creditor calls. Filing even eliminates the bills in the mail and any other collection attempts. What a great way to reduce the stress level, and truly enjoy the holidays. Plus those calls can be embarrassing during a party.

3. You Can Stop Racking Up More Debt

Filing a bankruptcy can reign in your finances once and for all, first you will not be able to use any credit forcing you to only use what you can budget for. The most sinking feeling is opening those credit card statements in January, after you have went overboard on things that you should not have purchased. One common mistake made is running up those cards during the holiday's and then filing bankruptcy in January. Bad idea. Here is why, any charges made during the 90 days prior to filing could not be subject to your discharge, as fraudulent purchases. And you could still end up paying for them.

So, you can see, there are definite advantages to filing bankruptcy right before the holiday season, so do not delay, and call me today for that free consultation and ease your mind and really enjoy this fast approaching holiday season. 313-343-9930 or debtfreedetroit@gmail.com TODAY!

1099-C and Bankruptcy

It is that time of year again, tax time. The phone rings off the hook as old clients try and navigate the occasional 1099-C form that they receive and the sinking feeling of owing taxes. Here are some publications that I suggest that you read.  IRS Publication 4681.

You will need Form 982, as well.

Now, most creditors will not, or are not required to send this form out. But it happens from time to time. That is why the IRS has the from and publication mentioned above.  But fee free to ask me questions.


*I am not a tax professional, I am not a CPA, or Tax Attorney, and all information and discussions pertain to the information provided in the Form 982 and IRS Publication 4681 and are subject to other interpretations by other professionals and lay persons and ultimately by the IRS. No information should be construed as legal advice and none is given, this is for general informational purposes only.    

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