The holidays. A time for figgy pudding, partridges zipping around pear trees and maids milking barn animals. Those are well and good signs of happiness and all, but we’re here to dole out gifts that really sparkle under the tree, the kind that keep on giving and never need be returned. We give you, joyous reader, the 12 Days of Bankruptcy.
On the first day of bankruptcy, the bankruptcy code gives to you: an automatic stay. This gem of a benefit to bankruptcy ceases all pending lawsuits filed against you by creditors upon the approval of your petition. You will probably still have to pay any tax lawsuits or student loans that you have out there, but hey, this is only the first day!
On the second day of bankruptcy, you receive all of your paycheck money. If your wages were being garnished by creditors, filing bankruptcy can prevent it from continuing.
The third day of bankruptcy gives to you an end to annoying collection calls. Going back to the automatic stay, the same mandate puts an end to any calls by third-party agents hired to track down what you owe. If they want to contact you for any reason or come after something, they need to go through the court. And that typically doesn’t go well for them.
On the fourth day of bankruptcy, you get to keep you car. If the bank hasn’t come for your car in the middle of the night already, they’ll need to get in line. That’s right, the automatic stay applies to repossessions as well.
On the fifth day of bankruptcy, the bankruptcy code gives to you … a discharge of your medical debt. Hospital bills are growing larger every day and tend to become a burden for a very long time. When you file, they usually get cured as well.
On the sixth day of bankruptcy, you get to rest easily. After filing, people experience serious relief from the months, or even years, of financial unrest. Like a good massage, filing bankruptcy helps it all go away.
On the seventh day of bankruptcy, you will receive an improved home life. Money problems are at the heart of countless marriage break-ups and family problems. Filing bankruptcy can get everyone back to square one, relieved and starting fresh.
On the eighth day of bankruptcy, you are granted the assistance of an outstanding legal team. New laws in 2005 made the filing process pretty confusing for a novice. Thankfully, folks like us are here to walk you through the means test, creditor meetings and the court process efficiently and for much less money than you think.
On the ninth day, you are granted the option of a payment plan. Chapter 7 bankruptcy is a full liquidation of most of your debts. Chapter 13 reorganizations create a structured payment plan based on reasonable agreements between what you can handle and what your creditors will accept.
On the tenth day of bankruptcy, you get to keep the keys to your apartment. If you’re renting and file before your landlord can get the eviction process ramped up, it’s safe to keep the pictures on the wall.
On the eleventh day of bankruptcy, you become a better money manager. After filing, people understand how to more effectively budget their income, scrutinize spending decisions and create a long-term savings plan.
And on the twelfth day of bankruptcy, the bankruptcy code gives to you … a new start at life. With your financial worries taken care of and a good attorney on your side, things will be back to normal much quicker than you think.