If you are struggling to pay monthly expenses, outstanding medical bills or past-due student loans, you may not have the quality of life you expected. Life should be about more than simply keeping your head above water, though.
Bankruptcy allows you to put your financial affairs in order by discharging some debts or coming up with a repayment strategy. Even though when to file for bankruptcy is a personal, legal and financial decision, many Pennsylvanians decide to seek bankruptcy protection in the first few months of a new year for three simple reasons.
1. Holiday bills arrive in the mail
Everyone wants to make the holidays special for family members and friends. If you spent more than you wanted on gifts, you may be unable to pay holiday bills when they arrive in the mail. Excessive holiday debt may also make paying other bills more difficult, leaving you with insufficient savings to handle an unexpected expense or emergency early in the new year.
2. Tax time is just around the corner
When you are preparing your tax return, you have an opportunity to review your budget and evaluate your financial circumstances. If your tax obligation is too high to pay, you may be looking for ways to better manage your other debts.
3. A fresh start feels good
For millennia, individuals have made resolutions to help them start each new year on the right foot. If you are simply tired of dealing with the stress that often comes with too much debt, you may appreciate the fresh start that a bankruptcy filing may give you.
After all, if you no longer must struggle with bills you simply cannot pay, you can focus on building a strong and low-stress financial future.