After the Holidays — Now Comes the Hard Part

Holidays are wonderful… and sometimes, some parts, not so wonderful. Some of us know this because we are barely now relaxing from the rush to prepare, having battled traffic and crowds and lines in stores, groceries or airports. Many of us know this from having just lived through the old family tensions we thought we’d outgrown. And still others of us know that we overspent on the holidays — and in some cases really badly.

I think I see cycles in my practice as a bankruptcy lawyer in Santa Fe and northern New Mexico. There are fewer calls for first-time consultations throughout December and in early January. Then, in mid-January, the calls come in, generally with a fresh sense of urgency.

As the holiday spending bills come in, people are looking more closely at what they spent, and sometimes the consequences take them by surprise.

It’s the holidays! People want a “time out” from their usual worries and fears, and a “time in” with their families and other loved ones. Cares are pushed aside to make room for holiday cheer. That’s understandable – time with loved ones is good and too much stress will kill you. But if you are living with more debt than you can manage, relaxing that concern often becomes the temptation to spend more money than you have. You have promised the children an expensive gift, or simply want to give them more than you perhaps received as a child. You brought plenty of beer or wine to the family gathering or to the party with friends, so that all could enjoy the time spent together, when worries and concerns seemed small. You were generous, in the spirit of the season. Though now sadly you realize, you could not afford it.

Sometimes the hardest part is recognizing that what you are doing is not working; and perhaps harder still is quitting the behavior altogether (e.g., stop spending money you do not have). Sometimes it is time to ask someone else for help, especially when you don’t know what else to do. In the case of debt you can’t manage, talking with a bankruptcy lawyer may be the best gift you can give yourself and your family.