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Bankruptcy could benefit emotional spenders

Spending more money than a budget allows is a problem many Louisiana residents face. In some cases, emotional spending is the culprit. This could mean the spending is to celebrate a happy occasion or to try to lift spirits after a sad or stressful time. When finances get out of hand, those in debt have several alternatives to alleviating that debt, including filing for bankruptcy.

A recent survey revealed that 49 percent of Americans admit to allowing emotions to lead them to spend more than they can afford. It also indicated that among those of the millennial generation, 67 percent were more likely to fall into this habit. Though some might not see celebratory spending as something as worrying as stress spending, both can lead to negative effects on finances.

Those who still have manageable debt may find financial relief by adhering to a stricter budget or by paying bills early. However, for some, the amount of debt is too overwhelming for these steps. In these situations, those in debt may consider filing for Chapter 7 bankruptcy. This form can erase the majority of debt (and sometimes all of it) and give filers a fresh start financially.

Any Louisiana resident interested in learning how bankruptcy might benefit them has every right to consult an experienced bankruptcy attorney. Besides providing further information, an attorney could provide guidance and support throughout the filing process to focus on helping the client achieve the most positive outcome. For many, filing for bankruptcy can be the first step in relieving the burden of debt and in regaining peace of mind.

Source: USA Today, "Millennials' emotions run deeper than their pockets, survey finds", Erin El Issa, March 10, 2017

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