Worcester Bankruptcy Attorney
Law Office of Robert W. Kovacs, Jr.
  • Home
  • Bankruptcy Law
  • Firm Profile
  • Practice Areas
  • FAQ
  • Videos
  • Testimonials
  • Contact Us
  • Call Today
  • Email Us
  • Our Map
  • Menu
Free Evaluation 508.645.4073
Bankruptcy Blog 2009 December What can I do if I charged too much on my credit cards during the holidays?
Previous Post  |  Next Post

What can I do if I charged too much on my credit cards during the holidays?

Posted By Robert Kovacs || 27-Dec-2009

If you can no longer meet your financial obligations bankruptcy may be able to relieve the stress related with too much debt.

 

There are two concerns if you have recently charged a lot on your credit cards prior to filing bankruptcy.

First, luxury goods charged on your credit cards that exceed about $450 within 90 days of filing bankruptcy are not dischargeable in bankruptcy. Luxury items are not defined in the bankruptcy code, however, the law tells us that luxury items do not includes charges for things that are reasonably necessary for the support of you and your dependents. Therefore, food, gas, and clothing for you and your family are not likely viewed as luxury items.

If you have recently charged luxury items on your cards then you may need to wait up to 90 days until you should file bankruptcy.

Second, anything charged to your credit cards without a present intent to repay is non-dischargeable in bankruptcy. This is a more difficult issue. This means that at the time you made the charge to your card you thought to yourself that you would never repay the debt. This is very difficult to prove for creditors.

 

If you are considering bankruptcy I would be happy to sit down with you to discuss all your opinions.

Categories: Luxury items, Asset Protection, Assets, Bankruptcy , credit cards, Creditors , Debt, Discharge

Share Post

  • Avvo
  • BBB

Contact us today

Send My Message

Bankruptcy Law

How Can We Help You?

  • Bankruptcy
  • Chapter 7
  • Chapter 11
  • Chapter 12
  • Chapter 13
  • Bankruptcy Mistakes
  • Bankruptcy Myths
  • Consumer Protection
  • Cram Down
  • Credit Card Debt
  • Credit Reports/Scores
  • Debt Collection Defense
  • Debt Settlement
  • Discharging Your Debt
  • Do I qualify?
  • Exemptions
  • Foreclosure
  • Large Business Bankruptcy
  • Life after Bankruptcy
  • Loan Modification
  • Newsletter Archives
  • Relief from Tax Liens
  • Self-Employed Bankruptcy
  • Small Business Bankruptcy
  • The Process
  • Wage Garnishment
  • Warning Signs
  • Why Hire an Attorney?
  • Will I Lose My Home?

Blog Feed

  • Three Best Rated® Lists Robert W. Kovacs, Jr. Among the Top 3 Bankruptcy Lawyers in Worcester, Massachusetts

    If you are looking for an exceptional Bankruptcy ...

  • Raising Your Credit Score After Bankruptcy

    When you make the decision to file for bankruptcy, ...

  • How Can I Prevent Foreclosure On My Home?

    At Law Office of Robert W. Kovacs, Jr., we are ...

Read More
Law Office of Robert W. Kovacs, Jr.

Call Today
(508) 645-4073

Law Office of Robert W. Kovacs, Jr.
Worcester Bankruptcy Attorney
131 Lincoln Street,
Worcester, MA 01605
View Map

Website: https://www.rkovacslaw.com/
© 2019 All Rights Reserved.
  • Home
  • See Our Practice Areas
  • Site Map
  • See What People are Saying
  • Privacy Policy
  • Meet Our Team
  • Contact Us
  • Get a Free Case Evaluation
Internet Marketing Experts