It’s the New Year. Time for a Fresh Start

Filing bankruptcy in 2020 blog Many of us start the new year with the resolution to leave all of the past’s baggage behind. Abandoning toxic situations and breaking bad habits will take self-control. However, self-control will probably not be enough to deal with looming debts if you are already considering filing for bankruptcy. Chances are that your current financial situation is already too dire to fix. Perhaps filing for bankruptcy protection would provide you with the debt relief and “Fresh Start” that you seek.

There are many reasons that you may want to consider filing bankruptcy at the beginning of the year versus later on in the year.  Filing bankruptcy earlier in the year has its benefits.  Here are a few reasons to consider declaring bankruptcy sooner this year than later.

Tax Returns in Bankruptcy

If you expect to receive a tax refund, you will want to consider this into when you choose to file bankruptcy. The amount of your tax refund that the trustee may elect to keep depends on what month you file. For example, if you file in November, the trustee can take 11/12 of your refund. If you file in January, the bankruptcy trustee could only be 1/12. Additionally, another tax-related reason to file earlier in the year is reducing the stress around tax filing season. If you are prompt now with submitting documents, you may only be waiting for your discharge during tax season.

The Sooner You File, the Quicker You’re Financially Free

While you should be able to rent an apartment and lease a car after filing for bankruptcy, it will be two years before you qualify for a home loan. The sooner you file, the sooner you can be eligible for a home loan.  In other words, the quicker you file for bankruptcy, the sooner you will be on the road to a “Fresh Start”.

Get Creditors Off of Your Back

Once you retain a bankruptcy attorney and inform any creditor that calls you, they may only contact your attorney about your debts. If your resolution this year is to spend less time on your phone, stopping creditors’ harassing calls is a good way to start.

Stop Garnishments, Repossessions, and Foreclosures

Declaring bankruptcy is a great assistance in saving your home from foreclosure, stopping a garnishment, or preventing a repossession.  Start your New Year off right, get the debt relief assistance you seek.
Keep in mind, whether you have an impending foreclosure or garnishment, or if you simply want to start the new year with a fresh start, chapter 7 or chapter 13 bankruptcy may be a good option for you. Our bankruptcy attorneys can help you determine if you qualify for bankruptcy and will determine what chapter of bankruptcy benefits you the best.  Our experienced bankruptcy lawyers and staff will guide you through the process of filing bankruptcy, from our initial FREE consultation through your bankruptcy discharge.
Plus, our debt relief office offers Zero Down Bankruptcies and affordable payment plans curtailed to fit every budget.
Call now for a free consultation and start your year off on the right foot.