When Holiday Shopping Leads to Debt

The holidays are over, and people are recuperating from the malls or at the local department stores. It was fun looking for gifts for our families and friends. Great deals were advertised. People got up early for the specials. Now comes the credit card bill at the end of December showing the deals were not so special after all. On the average, New Yorkers spend over $700 on Christmas presents.

Around the holidays, many New Yorkers notice their debt is high. Filing for Chapter 7 or Chapter 13 bankruptcy can be the way out of debt. Many hard working New Yorkers struggle to make ends meet, especially around Thanksgiving, Christmas, and New Year’s. This is when people tend to splurge on luxurious food and treats for the family and friends. This is when people give to charities. This is when people generously give to strangers.

In January, people really begin to notice their debt being too high, and their credit card bills overdrawn. Bankruptcy may be an option to start the new year fresh. Consult with a bankruptcy attorney to review the financial situation in detail and get answers to all questions about the bankruptcy process.

A fresh start has helped people stabilize their finances. Achieve financial freedom with an attorney who has a wealth of knowledge and experience in representing individuals and businesses in financial distress. This allows the person who spends too much to discharge debts the individual can’t afford to pay.

For the individual, Chapter 7 and Chapter 13 are popular filings. A Chapter 13 bankruptcy can allow a person to keep property and repay debts over a specified period of time; typically 3 to 5 years. The repayment plan requires approval by the Bankruptcy Court. Once a plan is approved, a debtor begins making payments pursuant to the plan, and when payments are complete, any remaining unpaid debts will be discharged in full.

Chapter 13 bankruptcy may require:

• Debt & Bankruptcy Analysis (which debts are dischargeable and which are)
• Preparation and filing of the Chapter 13 Petition
• Preparation and filing of the Chapter 13 Schedules
• Correspondence with Creditors
• Representation at the 341(a) Meeting of the Creditors
• Preparation and filing of any revised Chapter 13 Schedules and/or Forms
• Representation at the Confirmation Hearing

To get rid of the confusion and stress of the bankruptcy process, so that you can continue to live your life, consult with an experienced New York bankruptcy attorney.