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Chapter 7 a viable way to handle outstanding holiday debt

For many Americans, the holiday season is an opportunity to spend time with friends and family, and to exchange gifts in the spirit of the season. However, as some Kentucky residents are keenly aware, overspending and going into debt for the sake of the gift-giving tradition is all too common. For those who were already in debt, this can add to a persistent problem. Thankfully, there are many strategies and tools available for Americans finding themselves in the red, from debt consolidation to Chapter 7 bankruptcy. 

Overspending over the holidays is often exacerbated by the glut of sales that continue throughout the rest of the year. While it may seem like a good time to take advantage of reduced prices, for households already in debt this can worsen an existing problem. Many people express remorse over the amount they spend in these critical months, and while some of these individuals may seek debt counseling during this time, often these services are not available until the new year. 

Obviously, a good way to start the debt reduction process is to stop shopping. In some cases, households can put the money they would have spent on post-Christmas sales toward their existing holiday debt. While it can be tempting to ignore financial woes of this type, experts say it is best to meet these issues head-on. 

Confronting debt can be daunting for Kentucky residents who may have lost track of their holiday spending. In some cases, this makes existing debt unmanageable, which could lead to a very difficult new year. For individuals struggling under insurmountable debt, seeking the support of a bankruptcy attorney in filing for Chapter 7 bankruptcy is a good first step toward erasing the specter of debt and working toward a more financially stable 2018. 

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Law Office of Ginger C. Cord, PSC
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