Posted by bobnone | Posted in Credit Card | Posted on 29-04-2010
Consumer Credit Card Lesson Plans ~~Financial Matters of Life ~~
Bankruptcy can not cover the Christmas credit card binge
Does the following scenario sound familiar? The Smith family has had a difficult year economically. John Smith lost his lucrative career as a result of the reduction of middle management in a thriving construction company and has been previously working two jobs in retail for several months. Jane Smith recently re-entered the work force after twelve years of staying home to raise children to help make ends meet. As the year comes to an end, Mr. and Mrs. Smith realized that failure is inevitable and decide to have a most wonderful Christmas before to confront the legal steps to be taken. Credit cards out of his pockets to make this event the best yet. Tickets can be bought for the whole family to attend the party of the Houston Texans' end of the season. The girls get new iPods and cell phones. The Smith's only child, true to its roots in Texas, receives new teams to help prepare for upcoming tests on the football team at his high school and a truck used to drive to games.
The Smiths do not have reason to worry because all bills credit card mounting just be included in the settlement of bankruptcy, right? In fact, this family can learn a hard lesson about the consequences of its spending practices.
When overwhelmed by the debt being carried and you think that bankruptcy is the best solution, please note that some credit card balances that have accumulated can not be ruled out. Section 523 (a) (2) Federal Code Bankruptcy addresses the problem of binge credit card. This clause exempts from discharge "of debt is issued if an individual material and representations as false on its financial condition. "This may mean that a person under fraudulent information on credit card application or knowingly made purchases for I knew it would not be able to pay. This last issue is the most common situation, and exemption that describes the scenario involving Smith family.
A credit card company will use Section 523 (a) (2) to challenge the discharge of its debt if one or more of the following circumstances:
- An increase in the use of credit cards just before filing bankruptcy
- The use of card for a recent vacation or travel
- Using the card while unemployed or have no reasonable ability to repay
- A great balance at the time of filing
One specific point in the Bankruptcy Code, Section 523 (a) (2) (C), deserves special attention of all buyers who are determined to find the perfect gift, regardless of cost. debts owed to consumers a single creditor totaling more than $ 500 for luxury goods or services within ninety days after filing for bankruptcy is considered non-dischargeable. And the luxury items of the law does not to fur coats and yachts. By contrast, luxury goods are defined as "products or services not reasonably necessary for the support or maintenance debtor or a dependent of the debtor. "
What does this mean for people who get carried away with their spending during the Christmas season? If you spend thousands of dollars in December to find out all the time that goes into bankruptcy after the New Year rolls around, his plans for debt relief may be delayed. If you know that you will not be able to pay for the bills that created during Christmas, you'll have to wait at least four to six months in 2010 to declare bankruptcy. While So he is expected to make regular payments to your creditors. The conclusion is that one should not see a statement of intent of bankruptcy as an excuse to make everyone happy with expensive gifts under the Christmas tree.
When it comes to matters of bankruptcy, Texans are better placed than many others in our country. In 2008, our state ranked forty-sixth in the country for number of bankruptcies filed. While residents of the state of Texas is proud to be the largest and better in many areas, it is a ranking for which we must be proud to be nowhere near the top. However, this stage relatively good, does not mean There are thousands of Texans who are struggling to pay their bills each month. With the pressure of being a consumer from the moment the doors open up to Black Friday exchanges are made and clearance items are tagged on the day after Christmas, the end of the year only and difficult conditions even worse.
If you think you may be a candidate to file for Chapter 7 bankruptcy, which basically provides a new financial start for those who qualify, be sure that not now start creating debt that can not be discharged. The time to consult with an experienced bankruptcy attorney is now. You need legal advice robust with respect to their financial options and any pitfalls to avoid the expense, while the paperwork is being drafted. Once you know where you stand, try to relax and enjoy the rest of the holiday season at home with family and friends and not in the local mall. Your credit rating and its legal adviser will be grateful.
About the Author
Tony R. Bertolino is the managing partner at Bertolino LLP with law offices located in Austin, Houston and San Antonio, Texas. A member of the Trial and Appellate Litigation Team, Mr. Bertolino’s practice is devoted largely to complex transactions, commercial litigation, business law, entertainment law and family law matters. You can read more about Mr. Bertolino at www.belolaw.com
Affiliate Marketing and Financial Planning Made EZ
|
|
NEW TOMMY HILFIGER OXFORD BLACK LEATHER CREDIT CARD CASE ID ZIP AROUND WALLET $25.99 |
|
|
Royce Leather Mini ID and Credit Card Holder in Black 406-BLK-5 $16.00 |
|
|
CHRISTMAS PRESENT LEATHEROID SILVER METAL BUSINESS ID CREDIT CARD CASE HOLDER $5.99 |
|
|
Slim Money Clip Double Sided Credit Card Holder Wallet $0.95 |
|
|
NEW GUESS MEN BILLFOLD BROWN LEATHER PASSCASE CREDIT CARD ID WALLET $25.99 |
|
|
GIFT COFFEE INTERLACED LEATHEROID VAULTED BUSINESS CREDIT ID CARD HOLDER CASE $5.99 |
|
|
SEATBELT TYPE WALLET CHECKBOOK/CREDIT CARD HOLDER GIFT PURSE $15.00 |
|
|
SEATBELT TYPE WALLET CHECKBOOK/CREDIT CARD HOLDER GIFT PURSE MULTI COLOR $15.00 |
|
|
SEATBELT TYPE WALLET CHECKBOOK CREDIT CARD HOLDER GIFT PURSE MULT COLOR $15.00 |
|
|
SEATBELT TYPE WALLET CHECKBOOK/CREDIT CARD HOLDER GIFT PURSE $15.00 |
|
|
Credit ID Card Holder Back Case Cover for iPhone 4 4G $2.49 |
|
|
Iphone 4G/4S Synthetic leather wallet credit card ID cover case Free gift WTNtb $0.99 |
|
|
Free Wireless Credit Card Terminal – New Business Special Pkg – Bad Credit OK $0.01 |
|
|
FREE Hypercom M 4230 WIRELESS CREDIT CARD TERMINAL W/Approved Merchant Account $0.50 |
|
|
PASSPORT CREDIT CARD ID CARD CASH HOLDER ORGANIZER POUCH BAG WALLET GOOD TRIP! $0.01 |
|
|
Nurit 8020 Wireless Credit Card Terminal w/ Merch acct! No Cancellation Fees! $0.10 |
|
|
CHRISTMAS GIFT MAGNETIC LEATHEROID WALLET BROWN SILVER BUSINESS CREDIT CARD CASE $5.99 |
|
|
Leather Business Pocket Credit Card Holder Wallet 60 NR $0.99 |
|
|
Passport Credit ID Card Cash Holder Organizer Wallet Organiser Bag Navy blue $0.99 |
|
|
NEW INDESTRUCTIBLE ALUMINUM WALLET,CREDIT CARD/ID/DL HOLDER-SILVER $3.55 |
|
|
Credit Card Beer Bottle Opener Bar Gift $3.99 |
|
|
NEW Brand 1 x Green Aluminum Business ID Credit Card Holder Case Wallet tuz Hor4 $0.15 |
|
|
Iphone 4G/4S Synthetic leather wallet credit card ID cover case Free gift WTKRtb $0.99 |
|
|
Leather Credit ID Name Card Holder Case Cover Pouch for iPhone 4 4s $1.00 |
|
|
Derek Alexander Leather Small Credit Card Trifold With $35.10 |
|
|
Credit ID Card Holder Back Case Cover for iPhone 4 4G $1.00 |
|
|
5 x Pocket Wallet Size Credit Card LED Bulb Light Lamp $0.01 |
|
|
CHRISTMAS GIFT SILVER BLACK LEATHEROID METAL TRAPEZOID BUSINESS CREDIT CARD CASE $5.99 |
|
|
Slim Money Clip Double Sided Credit Card Holder Wallet $0.95 |
|
|
HOLLISTER GIFT CARD MERCHANDISE CREDIT $167.79 $0.99 |
|
|
NEW GUESS MEN BILLFOLD BLACK LEATHER PASSCASE ID CREDIT CARD WALLET $25.99 |
|
|
PASSPORT CREDIT CARD ID CARD CASH HOLDER ORGANIZER POUCH BAG WALLET GOOD TRIP! $0.01 |
|
|
Emergency Survival Credit Card Knife Mini Multi Tool $0.01 |
|
|
CHECKBOOK CREDIT CARD HOLDER ZIPPER BROWN NEW LEATHER $8.99 |
|
|
NEW GIFT BLACK ORANGE LEATHEROID CRUSTACEOUS ALUMINUM BUSINESS CREDIT CARD CASE $5.99 |
|
|
Pink Faux Leather Name Credit Business VIP Card Holder $5.74 |
|
|
Fashion HOT Pink Aluminum Business ID Credit Card Holder Case Wallet vgtbej Hor9 $0.15 |
|
|
Free Credit Card Terminal With Merchant Account – New Business Special Package $0.01 |
|
|
Free Credit Card Terminal With Merchant Account – New Business Special Package $0.01 |
|
|
New Design Beer Bottle Credit Card Shaped 8GB 8G USB Flash Drive Storage Green $8.50 |
|
|
Dooney & Bourke Fancy Ivory Pebble Leather Credit Card Wallet $79.99 |
|
|
BUSINESS NAME CREDIT CARD WALLET HOLDER ORGANIZER 120 $0.99 |
|
|
Leather Magnetic Business Credit ID Card Case Holder 67 $0.99 |
|
|
ALUMINUM CREDIT CARD CASE, SCAN PROOF, GUARDS YOUR PERSONAL INFORMATION $7.99 |
|
|
Fashion New Green Aluminum Business ID Credit Card Holder Case Wallet qfkzy Hor4 $0.15 |
|
|
Contigo AUTOSEAL Kangaroo Water Bottle with Storage Compartment, 24-Ounce This water bottle delivers on essential needs while on the go. The AUTOSEAL Water Bottle with compartment delivers on a unique combination of style and function. Durable. Colorful. Functional. Holds your keys and credit cards. The AUTOSEAL Water Bottle is easy to drink from, easy to carry and has a protective cover at the spout . It’s the ultimate in on-the-go hydration with a compartment that hol… |
|
|
Key Bottle Opener $2.90 Authentic, original and classic: STARR Bottle Openers have been the choice of bottlers and brewers for over 80 years. This is an essential item for the beer and soda drinker…. |
|
|
Rolodex 50610 Rolodex Professional Organizer Leather Business Card Book, 96-Card Cap, Black $7.99 Business Card Book… |
|
|
Avengers Assemble $11.28 Marvel Music/Hollywood Records announce the return of Soundgarden with the release of the band’s first all new song in 15 years, “Live to Rise.” The song will be featured in the end credits to this year’s highly anticipated movie, “Marvel’s The Avengers.” Avengers Assemble is a 14-track compilation of music from and inspired by the film. In addition to Soundgarden’s “Live to Rise,” the Avengers A… |
|
|
Where I Find You $7.71 Kari Jobe is one of Christian music’s best selling female artists and one of the most respected worship leaders in the country. On her sophomore release, Where I Find You, Kari is joined once again by producer Ed Cash (Chris Tomlin, Matthew West, Steven Curtis Chapman) who produced her breakout self-titled debut as well as acclaimed producer Matt Bronleewe (Natalie Imbruglia, Josh Wilson, Leel… |
|
|
Some Kind of Wonderful (Special Collector’s Edition) $6.60 Engaging teen comedy/drama as only John Hughes can serve it up, concerning a love triangle between a sensitive young outsider (Eric Stoltz), the rich girl he’s got a crush on (Lea Thompson), and the tomboy who’s carrying a torch for him (Mary Stuart Masterson). 94 min. Widescreen (Enhanced); Soundtracks: English Dolby Digital 5.1, Dolby Digital stereo Surround, French Dolby Digital mono; Subtitles… |
|
|
Inventions That Changed Our Lives – Plastic Planet [VHS] $2.00 Highlights the progress of this artificial medium and how it imitates “Mother Nature.” From action figures to the credit card, plastic has flexibly, cheaply, and colorfully impacted and improved nearly every aspect of life on Earth. Plastic Planet examines the supply and demand development of plastic and its synthetic by-products of vinyl, polyester, Lycra, nylon, rayon, and Teflon. Narrated by To… |
|
|
FRONTLINE: Secret History of the Credit Card … |
|
|
IN THE MIX – Financial Literacy: On the Money $69.95 FOR DVD OF THIS PROGRAM PLEASE CALL: 1-800-343-5540 Length: 30 min. Performance rights and Discussion Guide included. (Gr. 6-12, College) (Available with Spanish subtitles) Today’s teens have more money than ever before, but do they know how to handle it? Co-hosted by Cosby’s Doug E. Doug, this program takes an in-depth look at what teens need to know about money. Experts give tips on opening a ch… |
|
|
Swiss+Tech UKCSB-1 Utili-Key 6-in-1 KeyChain MultiTool $4.99 Swiss+Tech: The Swiss Tech Micro-Tech 6-in-1 Key Ring Companion comes in 2 colors. You may choose Black Matte Solid Steele or Solid Polished Silver Stainless Steel offering the same handy features which makes this tool a real pleaser. Anyone would appreciate this handy Swiss Tech Micro-Tech 6-in-1 Key Ring Companion. This Swiss Tech Tool is lightweight, but is quite rugged and is backed by the Man… |
|
|
395 nM UV Ultra Violet 21 LED Blacklight Flashlight, 7305UV395 $3.71 This type of flashlight is used for Money Detector, Credit Card, cash (currency), detection Glass Break Detection, Bugs/Insect Detection, Minerals Hunting, Automobile Air Condition, Fluid Leaking (Freon), Police use it for scanning the crime scene. 1 21-LED UV flashlights in black body finish Specifications: Bulb Type Longwave UV LED, 395nm nM Bulb Life 100,000 Hours Body Material Aluminum with “O… |
|
|
Tool Logic CC1SB Credit Card Companion with 1/2-Inch Knife, Translucent Black $23.50 The Tool Logic Credit Card Companion is a multifunction tool card with ten features. It feautes a 2-inch Inch serrated blade and precision folding scissors. It also has an 8-time magnifying power lens and compass. It is a combination can/bottle opener/awl and has a Flat screwdriver, tweezers and toothpick. The tool card is ultra-light at just 1.3-ounces…. |
|
|
Mulan $1.99 … |
|
|
P.O. Box $1.99 … |
|
|
Proactiv Solution 3 Step System Kit, 2 Month Supply $34.59 Our basic clear skin kit includes full-size bottles of the essential Proactiv® Solution system. This system, developed by dermatologists, uses Combination TherapyTM to help heal and stop breakouts at their source. Includes: Revitalizing Toner to balance skin tone Repairing Lotion to help attack bacteria… |
|
|
Duracell Instant USB Charger with Lithium Ion Battery/Includes Universal Cable with USB and mini USB $17.99 Includes universal cable with USB and mini USB. Compact on demand power. 1 charger, 1 cable. 5 volt/1150mAh rechargeable lithium-ion battery. USB power port. On/off switch, charging status light (illuminates when the charger is operating). Charging indicator light. In port used to charge the charger with the provided USB cable. Additional Run/Talk Time: iPod Classic: Up to 50 hours. iPod Nano: Up … |
|
|
LightWedge Pocket Magnifier The LightWedge Pocket Magnifier is a portable tool with a built-in LED. Small in size, not in power, this model provides 3x magnification power. Simply slide the magnifying glass out from the handle for use and back in for storage; the LED will turn on and off automatically. The handle is rubberized for a soft, easy gripping surface. It fits easily in a pocket or a purse, so you can always keep it… |
|
|
rooCASE Convertible Premium Leather (Red) Case Cover with 24 Angle Adjustable Stand for Apple iPad 2 / iPad 3 / The new iPad $24.98 Limited Lifetime Warranty. Like a kangaroo safely carries her young in her pouch, rooCASE offers protective solutions for your precious electronic possessions. rooCASE designers work with your needs in mind, ensuring that cases have not only sturdy exteriors, but also the right-size pockets for smaller accessories. From this starting point of practicality, our designers then consider what’’s hip n… |
|
|
Marware Eco-Vue Genuine Leather Case Cover for Kindle Fire, Black $32.99 One of the most popular Marware cases returns for the Amazon Kindle Fire. The EcoVue for Kindle Fire takes multifunctionality to another level – all while offering superior protection against scratches and impact. Its protective front cover includes a built-in hand strap to prevent you from dropping the Kindle while you’re on the go. The EcoVue’s elastic strap secures the lid open or closed, and a… |
|
|
SCM Microsystems USB Smart Card Reader (SCR3310) $9.99 USB smart card reader… |