There are different reasons people file for relief under Indiana bankruptcy law, and often timing is one of the considerations. With the holiday season in full swing, many folks don’t want to spoil their family’s enjoyment. They put off filing until later, even when they know bankruptcy is an inevitable choice.

In fact, waiting a month or two can sometimes have advantages. Time is gained for gathering up the documents and all the information needed by the attorney, and time is also gained for saving up to pay filing fees.

On the other hand, if the emergency is immediate, with a house is about to be foreclosed on, or wages about to be garnished, filing bankruptcy can put a halt to those actions.

One thing not to do is go deeper into debt knowing you’re about to file bankruptcy. This is an especially dangerous trap during the holiday season when it comes to buying luxury items using credit cards. Luxury purchases could actually mean a less favorable ruling by the court on your bankruptcy petition. Believe me, the extra gifts will not be worth it!

Remember that the true spirit of the holidays lies in sharing love with family and friends, not gifts you cannot afford and which will only dig you deeper into the hole.