Winegar, Wilhelm, Glynn & Roemersma, P.C.
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Struggling financially this Christmas?

gifts under the tree.jpgThe end of year can be financially draining. Gifts, dinners out, and traveling can all increase expenses. For people who are already in significant debt, the holidays can add a great deal of additional stress.

Bankruptcy provides a way out from unmanageable debt. If you are struggling financially and considering bankruptcy, below are some tips for getting through the holiday season before getting a truly fresh start.

Don't increase spending

There can be a temptation to increase credit card spending if you plan on filing for bankruptcy in the new year. After all, credit card debt can be erased in bankruptcy, right?

Bankruptcy laws are complex. While credit card debt is indeed dischargeable in bankruptcy, the bankruptcy court may not discharge items spent on "luxury" goods. Therefore, the new television you bought as a Christmas gift for your spouse may very well be something you have to pay in full.

Avoid the temptation to give up on your budget. In preparation for filing for bankruptcy, it is more important than ever to show financial restraint.

Ignore the pressure to spend

It can be difficult not to get caught up in the pressure to spend, which is why it helps to be reminded that almost every family has a budget and many people experience times with little disposable income. If you are struggling financially, purchase smaller gifts or make gifts that cost less. You can even suggest a "white elephant" gift party with a strict budget limit to cut down on the cost of gifts for family members. Buying one or two gifts versus a dozen gifts will lessen the financial burden.

Avoid comparisons and shame

You are not a failure because money is tight or you need to file for bankruptcy. A number of successful people and businesses have filed for bankruptcy. Bankruptcy gives people who are in debt the opportunity to start over.

Comparing yourself to others and feeling inadequate is a main reason why people fail to file for bankruptcy even when it makes financial sense to do so. Try to avoid these feelings and remember that bankruptcy is often the most financially responsible thing to do.

Talk to a bankruptcy lawyer

Every individual circumstance will vary, so if you are considering bankruptcy or wondering how finances will work with all of your obligations, it would be wise to speak to a bankruptcy lawyer to better understand your options.

If you have further questions, do not hesitate to contact our attorneys. We are here to help relieve you of financial burdens and seek debt relief.

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Phillipsburg Office
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Phillipsburg, NJ 08865

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Bethlehem, PA 18018

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