'Tis the Season
Every year I offer just a bit of information about Christmas shopping. We all feel the push to buy nice presents for those whom we love. But, if your budget is tight and you have begun to wonder about whether you might have to file bankruptcy in the coming months, then take care. This is because debt for “luxury items” may not be part of a discharge of debt. Luxury items are defined in statute as being over a certain dollar amount. Also, debt incurred in anticipation of bankruptcy may also fail to be discharged in a bankruptcy. So, enjoy the season. Know that the best present is to be present for your loved ones. And manage debt wisely.