As the holiday season approaches, it’s understandable that many are filled with excitement and anticipation for joyous celebrations. However, for those considering bankruptcy, there’s an underlying stress that often shadows this festive time. Mismanaging holiday spending can have serious implications on your potential bankruptcy case, making it imperative to tread carefully.
The Holiday Season is Approaching!
The Holiday Season Approaches & So Do The Bills!
Understanding the intricacies of filing for bankruptcy can be overwhelming. With various options like Chapter 7, 11, or 13, navigating this complex landscape without proper guidance could jeopardize your financial recovery efforts. That’s why having an experienced bankruptcy attorney is crucial during these critical times.
In the Wilkes-Barre, Scranton, and Hazelton areas, Attorney C. Stephen Gurdin Jr., known throughout Gurdin Law for his expertise in bankruptcy cases, stands as a beacon of hope. His thoughtful approach ensures that each case is given the careful attention it deserves. By scheduling a FREE consultation with Attorney Gurdin Jr., you gain insightful advice tailored specifically to your situation.
Don’t let holiday spending derail your path to financial stability. Properly timing your filing and understanding potential pitfalls are steps you can take today to ensure a secure tomorrow. Reach out to a trusted professional who can steer you away from common mistakes and towards a brighter financial future.
Holiday Spending & Bankruptcy
Bankruptcy courts scrutinize a debtor’s recent financial transactions to prevent abuse of the system.
Excessive or fraudulent holiday spending can cause significant problems for your case.
- Luxury Purchases: In a Chapter 7 bankruptcy, any debt of more than $725 for luxury goods or services charged to a single credit card within 90 days of filing is presumed to be non-dischargeable. Such expenses, which include expensive gifts or travel, could be deemed fraudulent.
- Cash Advances: Cash advances totaling more than $1,000 taken within 70 days of filing are also presumed to be non-dischargeable.
- Gifts & Transfers: Large monetary gifts or transfers of valuable property to family or friends before filing could be viewed as an attempt to hide assets from creditors. A court may reverse these transfers, a process known as fraudulent conveyance.