“The holidays only come around once a year.”
“They would really love this gift…it will only cost a little more.”
“I’m sure that my creditors take the holidays off too, so that buys me some extra time to make a payment.”
At one point, or another, we have all made these types of excuses that allowed the little voices in our head to ignore the realities of our responsibilities and cut loose with our finances and spending.
Unfortunately, when our holiday spending (o.k. overspending) is over we are left with a long, cold winter and even more debt. For some of us, holiday spending can become a “spending finale” of sorts that leaves our only option for relief to file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
No one ever intends to put themselves in a position to file bankruptcy. But there are behaviors we exhibit that help us to ignore a serious situation such as being on the brink of bankruptcy including:
Copy the list below, print it, and place it in a visible area where you will be reminded of what not to do during the holidays in regards to your spending. (If this does not apply to you then share it with someone you know and care about who has a tendency to overspend).
You don’t have to struggle with managing the holidays, worrying about your debt, and wondering what the New Year will bring for your financial life and freedom.
Recall in part 1 and part 2 of this article that Joe is a former Florida resident who moved to Michigan and then filed chapter 7 bankruptcy. Under the bankruptcy code, Florida is considered to be his domicile because he lived in Florida for the 180-day period preceding the 730-day period preceding the filing of […]
Recall in Part 1 of our Chapter 7 Bankruptcy blog series that “Joe” is a former Florida resident who filed chapter 7 after he moved to Michigan. Under the bankruptcy code, Florida was considered to be his domicile because he lived in Florida for the 180-day period preceding the 730-day period preceding the filing of […]