Tips to Help You Get Through the Holidays if You Are Filing for Bankruptcy

In all honesty, there’s no “perfect” time of the year to file for bankruptcy. Unfortunately, this process is a necessity for many people to take control of their debts and make progress towards financial freedom. As reputable Chapter 7 bankruptcy attorneys in Montgomery County, we’ve pooled together some tips for those of you who are filing for bankruptcy over the holiday season. 

Use Credit to Your Advantage

In most cases, people who have recently been granted a bankruptcy petition are advised to use credit cards. Although this seems counterintuitive, it’s not. Using a credit card helps people to rebuild their credit scores. As long as the card is paid off on time each month, your credit rating will improve. Sometimes, a secured credit card is a wise option. Banks will provide these but may require a deposit.

Consider Limiting Your Holiday Purchases

You may want to concentrate exclusively on the kids this year and skip buying presents for one another. Also, splitting the holiday meal preparation and purchases between family members is a great way to save money.

Create a Budget, and Stick to it

Putting a holiday budget together can seem like a miserable start to the holiday season, but a well-executed plan can put you in good stead for 2020. This will also take the weight of financial stress from your shoulders when the wrapping paper is in the trash, and the decorations come down.

A Nation of Debt

If you are starting bankruptcy proceedings due to unmanageable debts, you’re not alone. Over 189 million U.S. citizens have credit cards. The average American household with a credit card carries over $8,000 in card debt alone. The total amount of consumer debt in the country is $13.86 trillion (source: That figure includes auto loans, student loans, mortgages, and credit cards.

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