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Surviving the Holiday Season Amid a Pending Bankruptcy Case

Posted on in Arlington Heights Bankruptcy Lawyer
Surviving the Holiday Season Amid a Pending Bankruptcy Case

The holiday season is here. It can be financially stressful on anybody, but if you are working through the bankruptcy process or considering filing for bankruptcy in the new year, the holidays can be especially stressful. One of the driving forces of this stress is the pressure to provide for your friends and loved ones this season through gifts, parties, and time spent enjoying seasonal events.

Before you make your financial situation more difficult by engaging in your usual holiday festivities, take a step back and take a hard look at your situation. When you are facing bankruptcy, the simple truth is that you simply cannot afford to fall into old habits.

Bankruptcy Can Be Embarrassing, but the Truth Can Set You Free

You might not want to tell your friends and loved ones that you cannot participate in the holidays the same way you did in previous years. That is understandable. Although you should not feel embarrassed to state that you have filed for bankruptcy, you also should not feel compelled to disclose it. Tell your loved ones as much as you feel comfortable discussing, but be honest and tell them that you have to cut back on your spending this year.

Be Realistic With Yourself

Do not allow yourself to be pressured into spending money you cannot afford to spend. The holidays can be a sentimental time of year, particularly when children are involved, but avoiding debt and sticking to your budget is a much better choice for you and your family than buying expensive gifts or seeing The Nutcracker ballet.

Be realistic about what you can afford to spend. If you can afford to buy or make simple gifts this year, do that. If you would like to host a holiday party but cannot foot the food bill yourself, turn the party into a potluck. There are many low-cost ways to enjoy the holidays and they could become your new traditions.

Focus on the Future

Bankruptcy is a tool to help individuals with unsustainable levels of debt have their debts discharged. It is a means to an end, not the end itself. Remember this as you work through each step of the bankruptcy process.

Focus on how your life will change because of your bankruptcy. Looking toward the future for gratification, rather than seeking instant gratification, can help you stay the course with your bankruptcy proceeding and avoid becoming depressed about your current situation.

Work With an Experienced Itasca Bankruptcy Lawyer

If you are considering filing for bankruptcy, talk to an experienced bankruptcy lawyer about your case before you make any decisions. A bankruptcy lawyer can answer your questions and guide you toward the path that is best for you, given your unique circumstances. To get this conversation started, contact our team of experienced bankruptcy lawyers at Newland & Newland, LLP to schedule your initial consultation in our office. We serve clients in the Arlington Heights, Palatine, Rolling Meadows, Libertyville, Mundelein, Buffalo Grove, Schaumburg, Elk Grove, and Itasca areas.

(image courtesy of Benh LIEU SONG)

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