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Bankruptcy and the ghosts of Christmas past, present and future

Financial stress that you have endured over months and years amplifies during the holidays. As the light at the end of the tunnel continues to dim, you see bankruptcy as your only option.

You want to make sure that your children and loved ones do not suffer because of your money problems. So, you put bankruptcy at the top your post-holiday gift list to make your debts the soon-to-be ghost of Christmas past.

Careful Credit Considerations During Christmas

Buying gifts from money in your bank account may not be an option. Limit increases is a common tactic used by credit card companies during November and December. Suddenly, you find yourself with a sudden influx of credit.

You may not see the harm in carrying more debt if you’re just going to pursue a debt discharge or reorganization. You don’t want to be a Scrooge. After all, the New Year represents a fresh start.

Before you swipe that card or take a significant cash advance from your creditor, you should know a few things about the ghost of Christmas present.

Or presents.

Consequences Can Become Catastrophic

Bankruptcy will not get rid of your holiday shopping debt. Any non-necessities bought three months before or following a bankruptcy filing. The debt you incurred for holiday gift giving remains your responsibility.

Simply stated, thoughtfulness in purchasing gifts with credit will not be part of a debt discharge (Chapter 7) or payment plan (Chapter 13). You will have to either re-affirm the debt or continue payments or pay it off in one lump sum.

Considering the time it takes to finalize a bankruptcy, you will be anything but debt free as you face the ghost of Christmas future.

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