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Can Bankruptcy Beat The Post-Holiday Blues?

The holidays are over and with them the spending that often accompanies buying gifts for family and friends. Many people will find themselves looking over their January bills with dismay, wondering how they will ever climb out of the pit of debt that threatens to overwhelm them.  Can bankruptcy be the answer to the post-holiday money blues?  For some debtors, the answer is yes, but it is important to work with a bankruptcy attorney to determine whether bankruptcy is the right answer for your situation and which type of bankruptcy may work best to solve your financial difficulties.

Is Bankruptcy Right For Me?

Bankruptcy is not a solution to simple overspending.  In some cases, debtors just need to cut back on unnecessary purchases to get out of debt.  In other cases, however, the debt is simply too big or the circumstances are such that the debtor cannot feasibly repay the amounts owed.  For example, after a job loss, a foreclosure or another serious financial setback, the debtor may not be able to recover enough momentum to make payments and retire debt in a reasonable period of time.

Chapter 7 vs. Chapter 13

Once a debtor and his or her attorney has decided that bankruptcy is the right solution to financial problems, it is time to decide which form of bankruptcy is most appropriate.  Some people benefit from Chapter 7 bankruptcy that offers a quick discharge of all unsecured debts, while some are better served with a Chapter 13 bankruptcy that may allow the debtor to keep certain assets in return for making regular payments to a trustee.

Depending on the type of debt owed, it is possible that a Chapter 7 may be more appropriate than a Chapter 13.  However, no matter which type of bankruptcy is ultimately chosen, it is important to consider all the possibilities and all the factors that may affect the discharge of debt.  Choosing the right bankruptcy may be difficult but will ultimately pay off in a much more successful process for the debtor.

Choosing to file bankruptcy can be a hard decision but ultimately it can result in peace of mind for the debtor and his or her family.  Discharging holiday debt and gaining a fresh financial start will allow debtors to put money worries aside and focus on making a new beginning in the New Year.

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