Tips for the Holidays If You’re Going Through Bankruptcy

Have you recently filed for chapter 7 or chapter 13 bankruptcy? Are you worried about how you and your family are going to make it through the holidays without adding to your debt? At Bach Law Offices, Inc., we are committed to helping clients with their bankruptcy cases so they can obtain the debt relief they need to get their finances back in order. Keep reading to learn what you can do to make sure your family enjoys the holidays without jeopardizing your bankruptcy case.

Set a Strict Budget

One of the smartest things you can do to prepare for the holidays after filing for bankruptcy is to create a holiday spending budget. Knowing exactly how much money you have to spend and what it needs to be spent on can minimize financial stress. If you are worried about staying afloat, make sure you stick to a realistic budget and only spend what you can afford.

Avoiding New Debt After You File for Bankruptcy

If you have filed for bankruptcy, you are required to abstain from accumulating new debts within the duration of your repayment plan. While there is a provision in the bankruptcy code that will allow you to take on new debt if it is approved by the court, you should try to make it through the holidays without relying on loans.

One way to get extra cash during the holidays without taking on debt is to request a lower repayment option a couple of months before the holidays. Another option is to give homemade gifts for the holidays instead of buying merchandise at retail stores. You can also take advantage of automatic savings programs at your bank to save up cash throughout the year so you have enough to buy gifts when the holidays come around.

Consult with a Bankruptcy Lawyer in Northbrook

Do you have more questions about how your holiday purchases might impact your bankruptcy agreement? If so, visit our law firm today to discuss your situation with an experienced lawyer. Our legal team has more than 40 years of combined experience, and we will gladly provide you with the top-notch counsel you need to make informed decisions.

Call (847) 440-5998 to set up a free in-person consultation with our team.