Forbes recently came out with an article on retail bankruptcy in January; when holiday sales have failed to boost a store’s sagging profits and ease its debts, the company might file for bankruptcy. It’s also important to note that, in addition to seeing a possible spate of business bankruptcies, January might also be a time when individuals consider bankruptcy because of debts that exploded over the holidays.
Now that a few weeks have passed since the holiday season, what’s the state of your finances?
- Look into the amount of credit card debt you owe. Gift purchases and money spent on vacations can add up quickly.
- Consider the likelihood that you can repay the debt anytime soon. For example, are you out of a job? Are you not getting paid enough at your job?
- Have you been you blindsided by any steep expenses, such as an unexpected medical bill?
Yahoo! Finances posted an article recently called “5 ways to cure a holiday debt hangover.” The article refers to a few websites where you can keep track of the money you owe, how much you’re paying back, and at what time. The article also offers suggestions for expenses you can cut, at least for a short time, along with short-term ways of boosting your income, such as getting a temporary side job.
But what if these measures prove ineffective? You might have resolved to handle your finances and spend money more carefully, but maybe that will do little for your existing debt. Also, you might experience an unexpected disaster, such as a serious medical event or a situation where both you and your spouse become unemployed. Even with money saved up, you might struggle with debt.
Don’t hesitate to contact a Miami County, Ohio bankruptcy attorney if you’re mired in debt difficulties. Bankruptcy is a viable option for many people, and with careful management and legal advice, you can get through the process successfully and begin to rebuild your finances and credit score.