What are Luxury Expenses?

Although bankruptcy can help you eliminate a number of your debts so you can regain control of your finances and work to establish financial stability, there are some debts which cannot be discharged. Luxury purchases, for example, are typically not granted this consideration. This is especially true when these items are purchased on credit and it appears that the debtor’s intention was to avoid paying for them by initiating a bankruptcy case.

When you are struggling to pay your monthly bills or if you are being harassed by creditors, your quality of life can be significantly reduced. There is no need to endure this ongoing stress. Contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, at (319) 294-5853 to schedule a free consultation.

Common Luxury Expenses

Luxury goods are generally classified as anything that is not essential for everyday life. These items typically have to be paid off, even after filing for bankruptcy. Some common examples of luxury goods include the following:

• Secondary or luxury automobiles
• Motorcycles, boats, all-terrain vehicles, and other motor vehicles
• Vacations
• Secondary homes or real estate
• Home furnishings
• Designer label clothing

A knowledgeable and experienced attorney can help you to have a better understanding of how a bankruptcy filing might impact your financial situation.

Contact Us

Every bankruptcy case is unique. That is why you need a committed and compassionate lawyer to help you every step of the way. For more information about luxury expense, contact a Cedar Rapids bankruptcy attorney of Hong Law, PLC, by calling (319) 294-5853 today.