William H. Lively, Jr

Filing bankruptcy after the holidays? You are not alone

Over the holidays, many people find themselves spending more than they can afford. As a result, January leaves many Americans contemplating the possibility of bankruptcy.

According to CNBC, Americans accrued an average of $1,000 dollars in debt over the holidays this year. Data suggests this is almost $50 more per person than in the past. Many Americans say it will take them at least half of the year to pay off. However, even if these people are able to pay off their holiday shopping, many are still in overwhelming credit card debt. For many Americans, bankruptcy provides a way out.


Data suggests around 800 thousand Americans commit bankruptcy each year. Those who commit bankruptcy are often facing credit card debt, loans, foreclosure, medical bills, wage garnishment and constant phone calls from debt collectors. According to recent data, the average household in the United States has around $8,000 in credit card debt, which totals over $1 trillion in debt nationwide. Bankruptcy can provide an end to many people's troubles.

Before filing for bankruptcy, it is important to select which type of bankruptcy is right for you. Commonly, people file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 allows people to "liquidate" or sell off their assets in order to pay their debts. On the other hand, a Chapter 13 bankruptcy allows a person to develop a payment plan to pay off their assets over the period of a few years.

January is a time to start your New Year's resolutions. For many people, this might involve settling any unpaid debts. If you are considering bankruptcy, consult with an experienced legal professional to discuss your options and develop a plan that is right for you.

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William H. Lively, Jr


William H. Lively, Jr
432 S Bonner
Tyler, TX 75702

Phone: 903-920-0008
Phone: 903-593-3001
Fax: 903-595-3715
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