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Did Black Friday spending put your credit cards in the red?

You can take advantage of the best deals retailers ever offer on Black Friday, Small Business Saturday and Cyber Monday. Word such as "BOGO," "up to 75 percent off," "first 100 customers," "while supplies last" and "free shipping" can draw you in.

You were not alone if they worked this holiday season; thousands flocked to shops throughout South Florida.

Taking advantage of a good deal is not a bad thing, especially when money is tight. The discounts can help you make the holidays brighter for your children or show your spouse how much you care. With good deals, you can finally replace broken appliances or purchase necessary items for your home.

The only problem is that it is easy to spend and costs quickly add up. It can be quite the shock to your system when you check your credit card balance online or open your monthly statement - even if you kept track of your spending.

Are you already worried about how you are going to pay off the balance? Are you thinking about paying just the minimum or considering a payday loan? Stop. Talk to a bankruptcy attorney even if you do not think bankruptcy is for you. Here's five reasons why:

  1. You can proactively address debt: You do not need to wait until debt becomes an overwhelming problem to get help. A bankruptcy attorney can help you understand all of your rights and options regarding debt, not just bankruptcy.
  2. You can avoid costly mistakes: Getting a payday loan or other debt relief options might seem like a good solution, but they are often only a temporary fix. In fact, they often add more debt to your plate and cause serious damage to your credit score.
  3. You have more options: The sooner you address debt, the more options you have, including more than choosing between Chapter 7 or 13 bankruptcy. Your attorney can help negotiate creditor workout plans or solutions to other debt, such as short sales, modifications, refinancing, loan forbearance or extensions.
  4. You can stop creditor harassment: Creditors are relentless when you owe money. They will not hesitate to call you and the people in your life constantly, at times rising to the level of illegal harassment. If bankruptcy is the right choice, the court will put an automatic stay in place that prevents creditors from contacting you at all.
  5. You can prevent collection actions: Remember that you have options to resolve your debt without filing for bankruptcy. If bankruptcy is right for you, the automatic stay prohibits creditors from collecting the debt by garnishing your wages or bank accounts.

Remember, bankruptcy and other debt relief options are the solution not the problem. At The Law Offices of George Castrataro, P.A., we take great pride in using our extensive experience to help them find the best solution possible. We do not just help people resolve their current financial problems. We also help them put the right tools in place to protect their assets in the future.

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