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Frisco bankruptcy lawyerThroughout much of 2020, most people have spent more time at home than they have in previous years due to concerns over the spread of COVID-19. Mandatory lockdown or stay-at-home orders were instituted in many states, including Texas. As people were instructed to stay home, and non-essential businesses were closed, online retailers experienced an unprecedented boom. In fact, market experts say that American shoppers have already spent more online this year than they did in all of 2019, and we still have the entire winter holiday season ahead of us.  In addition, Black Friday is now more than a day; it is a essentially a season of its own.

As you look ahead to the upcoming holidays, you probably plan to buy gifts for your family members and friends. In keeping with the trends of 2020, there is a very good chance you plan to do much of your holiday shopping online. There is no question that online shopping is usually hassle-free and convenient, and you can certainly find some amazing deals. However, there are some factors that make overspending online a common problem for many people. Fortunately, you can control your online spending this coming holiday season by doing a few simple things ahead of time.

Holiday Budgeting

At The Page Law Firm, we work with clients every day who are considering bankruptcy.  In many instances, it’s because of a job loss or decrease in income. Right from the start, we ask our clients to come up with a manageable budget. Many people never bother to keep track of their holiday spending, but this is a dangerous approach. Before you start buying gifts online, have a plan in place. Know whom you are buying gifts for and how much you will spend. Then, put your holiday shopping money aside so that you are not tempted to “borrow” money that was meant for something else.

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Denton County bankruptcy lawyerThe calendar has officially turned over to October and today is National Savings Day. This means that we are only about eight weeks away from Thanksgiving, which, to many people, represents the beginning of the winter holiday season. Christmas, obviously, will follow just a few short weeks later. With this in mind, now is the perfect time to start thinking about how you will handle the winter holidays from a financial standpoint. Without proper preparation, it is extremely easy to overspend and to find yourself using credit cards to make up for the shortfall in your budget.

Make a Budget

When you book a strategy session with The Page Law Firm to discuss bankruptcy, you’re asked to have some items on hand for the meeting. One of those items is a budget. Most of us don’t even think about how much we spend during the 4th quarter of each year.  Gift-giving is a wonderful tradition, but it costs money—quite a bit of money, if you are not careful. Before you start buying presents, create a plan that includes a maximum amount you will allow yourself to spend and make a list (checking it twice) of who will get gifts from you.  You are probably going to spend more on your children than you will on a gift for your neighbor across the street, and all of that spending should be accounted for in your budget.

It is also important to know where your holiday money will be coming from. Do you already have money saved? If not, will you be able to save enough between now and when you plan to shop?

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Four Ways That Bankruptcy Can Lead Towards Financial FreedomObtaining financial freedom is part of the American dream for many people. Financial freedom means having the money and savings necessary to live the lifestyle you want and to secure your financial future into retirement. America was founded on ideals such as every person’s right to “life, liberty, and the pursuit of happiness.” Unfortunately, many Americans have not yet obtained financial freedom in part because of the debts that they owe. Bankruptcy is one way that millions of Americans have declared independence from their creditors. In honor of the Fourth of July, here are four ways that bankruptcy can help you achieve financial freedom:

  1. Bankruptcy Halts Debt Collection: It is hard to feel free when you are constantly worried about creditors contacting you demanding repayment or to threaten to take collateral property. The first thing that filing for bankruptcy does is put an automatic stay on debt collection efforts, which means stopping creditors from contacting you.
  2. Most of Your Unsecured Debts Can Be Paid Off or Discharged Through Bankruptcy: The bankruptcy process will discharge your unsecured debts if you are filing under Chapter 7. If you are filing under Chapter 13 you will have a repayment plan that may be a lot more manageable than what you are currently paying. That will provide debt relief.
  3. You Can Protect Your Home During Bankruptcy: Your home is a major part of your financial freedom, and falling behind on mortgage payments may mean that your home is at risk of foreclosure. Filing for bankruptcy gives you clear ways to protect your home. If you are behind on your mortgage payments, filing a Chapter 13 bankruptcy allows you to catch up on late mortgage payments with the repayment plan.   
  4. Bankruptcy Gives You a Fresh Start: Achieving financial freedom requires a plan that includes budgeting your finances and saving money when you can. Being swamped with debt makes it difficult to plan for anything other than trying to keep up with payments each month. By filing for bankruptcy, your debts can be cleared or made more manageable. With your new financial stability, you can implement long-term savings plans that will help you reach financial freedom.

Contact a Denton County Bankruptcy Attorney

The road to financial freedom may seem long if you are saddled with debts. Your first step is to talk to a Frisco, Texas, bankruptcy lawyer at The Page Law Firm, who can tell you more about the bankruptcy process. To schedule a free consultation, call 214-618-2101.

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What Does Bankruptcy Mean for a Single Dad?Being a single father is not easy. Even though you probably have a co-parent, it may feel like you are parenting alone.  Unfortunately, it can also put a strain on your finances. You no longer have your co-parent’s income to help pay for your living expenses, and a significant percentage of your income may be going towards child support. If your co-parent is no longer in the picture, you may be solely responsible for all of your children’s expenses, as well.  When you feel like you are drowning in debt, filing for bankruptcy may be your best option for relief. As a caring father, you should also know that bankruptcy will not prevent you from being able to provide for your child.

Why You May Need Bankruptcy

Single parents face financial challenges that can make it difficult to keep up with debt payments:

  • Your responsibilities as a parent may limit the hours you can work and cause you to pass up on job opportunities that could increase your income.
  • Supporting your children leaves you with less disposable income and you may have used a credit card to pay for necessary expenses.
  • There can be unexpected child expenses, such as a medical emergency.
  • Even though you are on a tighter budget, you want your children to have the same opportunities and experiences as their friends.

Filing for bankruptcy can give you a fresh start on your unsecured debts. Depending on the type of bankruptcy you use, you could discharge your unsecured debts or create a more manageable debt repayment plan.

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How You Can Help Your Dad with His BankruptcyIt can be painful to watch your parents struggle with debt, knowing how much they have supported you throughout your life. You may have relied on your parents as you were starting your young adult life, such as continuing to live with them or borrowing money. You are financially more stable, but now your parents are the ones who may need your support. For Father’s Day, it may be time to repay your parents by talking to them about how you can help with their debt problems, including the possibility of filing for bankruptcy. Supporting your parents does not have to mean giving them money. There are several ways you can help them:

  1. Figuring Out Their Financial Situation: Before deciding whether to file for bankruptcy, it will help to have a complete picture of your parents’ financial situation. Your parents’ assets and debts have been building for years, and it may be difficult to see the complete picture if your parents are unorganized with their records. You can start by tracking down and organizing records of assets and debts, which may be a mix of physical and digital records. You may need the assistance of a financial advisor to tell you what records to look for and analyze your parents’ finances.
  2. Coming Up with a Budget: Whether you choose bankruptcy or not, creating a budget will be necessary as a long-term solution to your parents’ debt problems. Your parents may need help with this if they have never been good at budgeting their finances. Go through their expenses to determine whether there is anything unnecessary that they could cut. You can also consider whether there are assets they would be willing to sell, but you should hold off on selling assets if you are considering bankruptcy. By filing for bankruptcy, your parents may be able to keep those assets and eliminate their debts.
  3. Finding a Bankruptcy Lawyer: If your parents are considering bankruptcy, they should talk to a bankruptcy lawyer to learn more about the process. It is important to choose an attorney who understands the needs of people at your parents’ age and in their situation. You can offer to research bankruptcy lawyers in their area to find someone who you think would be a good fit for them. From there, your parents can contact the lawyer and set up an initial appointment, or you can even do that for them.

Contact a Denton County Bankruptcy Attorney

Discussing debt and bankruptcy may be an uncomfortable topic for Father’s Day but may lead to a better life for your parents. This could be a better gift than a tie. At The Page Law Firm, we are prepared to help your parents through the bankruptcy process while protecting their financial future. To schedule a free consultation with a Frisco, Texas, bankruptcy lawyer, call 214-618-2101.

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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