Wisdom From “Bankruptcy in Indiana” Christmases Past – Part Three

December 23, 2012 11:04 pm Published by

‘Tis the season…For me and my colleagues the Anderson, Bloomington, Indianapolis, and Columbus bankruptcy lawyers who work in the Zuckerberg bankruptcy law offices, it’s a time for both looking back and for looking ahead. This week, I’ve been looking back at the messages from prior years that I had felt were most important to convey to Bankruptcy in Indiana readers during the holidays.

One year ago, I was giving advice to those who find themselves in a very common “spot” as the holidays arrive. Many debtors know their situation is getting worse and worse.  Creditors are calling, their home is in danger of foreclosure, they’ve received a lawsuit summons, or their car has been repossessed. Still, thinking about filing personal bankruptcy in Indiana just before and through the holidays is highly unappealing, and the temptation is to “just not think about it until next year”.

Especially around the holidays, though I find it necessary to issue an important caution to clients as well as to my Bankruptcy in Indiana readers: If you get to the point where filing individual bankruptcy in Indiana does appear to be your only viable option, you’d better avoid borrowing money for six months before you file.

Why?  Isn’t the whole idea of putting off the Chapter 7 bankruptcy filing (or filing through Chapter 13 bankruptcy law) to enjoy one last holiday?  Sure, but, the problem is (and every good bankruptcy attorney in Indiana knows this one well) – in most cases, debt incurred during the six months preceding a bankruptcy filing can be excluded from being discharged or forgiven through bankruptcy (if the creditor can prove fraud).

The point I was trying to drive home to readers last year is how crucial it is to seek the help of an experienced Indiana lawyer for bankruptcy at the first signs of financial trouble. That way, if filing bankruptcy is in the cards, for next year, you won’t have sabotaged your own case by making borrowing mistakes!

Next year can be a much better year, a year of looking ahead, not back. Wouldn't that be nice? That’s what I wish for you…
 

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This post was written by Mark Zuckerberg

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