It is generally agreed that the earlier one makes the decision to file for bankruptcy, generally the better and the quicker their financial recovery process starts. Likewise, filing for bankruptcy sooner in the calendar year may prove to be more advantageous as well.
According to American Research Group, Inc., the average family spends $854 in holiday gifts plus $271.00 per child. That extra expenditure of almost $1,400 for a family of four, combined with any pre-existing debt, may substantially increase minimum or regular monthly credit card payments throughout the year. The sooner a bankruptcy is filed, the sooner one may be able to stop making the minimum or regular monthly payments on accumulated debt, including the debt incurred during the holiday season.
Further, for a Petitioner in Bankruptcy who owes personal income taxes may be reluctant to file a return because they anticipate an offset of any refund with the tax delinquency due and owing from the previous year(s). However, if one files a Bankruptcy prior to the previous years tax return, he/she, most likely will receive their refund so long as their past due income taxes are paid in accordance with the bankruptcy laws through a three (3) to five (5) year bankruptcy plan.
To speak with one of our lawyers regarding your financial situation, please contact one of our conveniently located law offices listed below.
CENTER CITY PHILADELPHIA: 1315 Walnut Street, #302 Phila., PA 19107 215-545-0008
NORTHEAST PHILADELPHIA: 2375 Woodward Street, #105 Phila., PA 19115 215-545-0008
DELAWARE COUNTY OFFICE: 1515 Wallingford Road, #218, Springfield, PA 19064 610-432-3111
NEW JERSEY OFFICE: 302 Washington Avenue, Suite 101 West, Moorestown, NJ 08057 877-452-9411