Holiday Spending and Bankruptcy

Although many people love to gift unique and often expensive presents to their friends and loved ones during the holidays, this habit can be a catalyst to financial problems. While it is likely not the main reason a person has large sums of debt, it can be a large contributing factor. Unfortunately, many people find themselves racking up large amounts of debt during the holidays, leading them to consider their financial options for escaping this debt.

Our attorneys at the Bradford Law Offices understand that many people in Raleigh struggle to pay their bills and how stressful this can be. Fortunately, bankruptcy can be a viable option for people in this situation.

Holiday Expenses that Contribute to Bankruptcy

Debt tends to pile up more during the holidays than other times of the year, largely due to the gifts that people give and the amount of time they spend going out or hosting others. Some major holiday expenses that can dramatically increase a person’s debt include:

  • Vehicle purchases
  • Vacation and trip purchases
  • Furniture and household items
  • Jewelry

While buying gifts such as this comes from a good place, it can quickly put a person in a serious financial situation, making them unable to pay for their basic needs.

Contact a Bankruptcy Attorney in Raleigh

If you or someone you care about is struggling with debt, whether due to extravagant purchases or other factors, such as medical debt, our legal team at the Bradford Law Offices can help. Discuss your legal options, such as Chapter 7 bankruptcy, with us by calling 919-758-8879.