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Tips For Filing Bankruptcy in Northern Kentucky During the Holidays

Posted on Thursday, December 11th, 2014 at 4:27 pm    

Holiday BankruptcyBelow are some thing to keep in mind this holiday Season if a bankruptcy is a possibility before the new year…

  1. Gifts –  Christmas gifts that are worth hundreds of dollars must be listed in your bankruptcy.
  2. Expensive Items Purchased –  Any items purchased to be kept in house or given away as a gift  to someone else has to be reported. Luxury items being purchased will raise red flags that could prevent you from discharging your debt. A luxury item is defined as something costing more the $650.
  3. Tax Refunds – Tax refunds are considered an asset and must be reported even if you do not know the exact amount you will be receiving.
  4. Home Equity – If you have a lot of equity in your home, it can limit the amount of exemption you can put towards your assets. Be very careful.

If you are planning to go bankrupt over the holidays, it would be good to consultant with a Northern Kentucky bankruptcy attorney as soon as possible.

At Lawrence & Associates, we help our clients understand how bankruptcy laws are made to protect them and will allow for a brighter financial future.

Contact Us (859.371.5997) for a Free Consultation

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