Christmas and in the middle of bk

[willsurvive]

We are hoping to file end of November, so 341 will be probably just after Christmas. Anyway, can we buy Christmas presents this year? Will the Trustee frown down on that? ?We have 5 kids.

Also, after the 341 are there any restrictions on money, etc or earning money until discharge?

Thanks.

[PoorGrammyinBK7]

There is a question on the form about any gifts you have given of over $200 to one person - can't remember the exact wording right now, but keep that in mind.

But the bankruptcy estate is set as of the FILING DATE.

So - you say you will file this month (November). As I understand it, anything you buy AFTER you file is not part of the BK estate.

Therefore, and not knowing anything about you or your family, I would think you should be able to buy some modest Christmas presents for the kids!

You could also let everyone get creative and make homemade gifts - you know, like an old-fashioned Christmas.

Christmas is not just about the gifts anyway.

[homesweethome]

We are hoping to file end of November, so 341 will be probably just after Christmas. Anyway, can we buy Christmas presents this year? Will the Trustee frown down on that? ?We have 5 kids.

Also, after the 341 are there any restrictions on money, etc or earning money until discharge?

Thanks.

I had my consult today and the atty told me that when filing bankruptcy they look at your personal income from last six months, not what you may be making 3 months from now if job changes. For example currently my husband is unemployed. I asked the attorney what happens if in two months while bankruptcy is still open hubby gets a job meaning more income in the household and "will that change things" and he said no. They only look at the last six months unless you get a "windfall (e.g. win lottery or wealthy relative leaves you in will). He said to not use credit cards from here on out so if you're planning on paying cash for your Christmas gifts you should be fine. Hope this helps.

[hopeforus]

I don't really get that. I know they go by your last 6mos but what if our income is 7500 a month when we file and it will be that from hereon out... do they still use the average income of I think it will be like 5k on the income spot. I thought someone said on the schedule forms you use the actual amounts and that's what confuses me.

[willsurvive]

That helps, thanks!

[HHM]

Hey...I have said this before, and will say it again...

Time to live the lesson and start functioning on a cash basis. If you cannot afford to pay cash and meet your living expenses, you go without. Google search things like Thrifty Christmas etc. If your worried about the "kids", there is no greater gift than that of financial responsibility.

[ready2puke]

Do you have a Big Lots or 99 cent store by you? You can buy gifts there box em up and wrap them really pretty. Also buy small items and box em and then put them in bigger boxes and then bigger boxes...The kids will get a big kick out of that and it'll keep them pretty busy..lol

[epiphany]

Do you have a Big Lots or 99 cent store by you? You can buy gifts there box em up and wrap them really pretty. Also buy small items and box em and then put them in bigger boxes and then bigger boxes...The kids will get a big kick out of that and it'll keep them pretty busy..lol

Target also has a lot of 1.00 items that make good stocking stuffers.

ep

[JRScott]

I would limit christmas this year. Sit the kids down and be honest with them about the financial situation you find yourself in. Let them know that it's not because they were bad or good, but this year with finances the way they are there will be less under the tree. (If they still believe in Santa then tell them even Santa's affected by the financial crisis).

Then set a budget. I'd say no more than 20 dollars a kid. Try to buy 1 toy and perhaps 1 article of clothing. I know that is stretching the 20, but if you watch the sales, and are willing to shop around you can make it work.

Starting with next year realize that Christmas comes every year at the same time, and as you are able buy ahead of time, don't wait til November, start in January setting aside some funds/gifts for it. I didn't do that til my own bankruptcy and it has helped take a lot of pressure off (though with the economy this year I will not be able to give as much as last year).

[applecake]

We are scaling back in a huge way this year. We have 4 kids. Mostly handmade and "creative" gifts - no Toys R Us for us. ;)

But one year, we were in the worst financial shape of our lives. In the month of December alone we had 3 shutoff notices and not a penny for anything. I consider this a "one-time thing," therefore will not do it again (just a personal choice), but we went to Toys for Tots and they gave our children gifts. I went online and emailed someone a few weeks ahead, and they called me to let me know that I could come pick them up. I went down to the place they were giving all the gifts out, walked in, and turned around and walked back out. I wasn't going to do it. It looked like the freaking welfare office in there. I cried all the way home. Later that day, one of the Marines called me to ask why I didn't come for the gifts, and to remind me what time they were there until that day. I told him I decided not to do it and to give the presents to other kids. I still get teary just thinking about this. He was so kind and I really think he understood. He said that they picked out presents just for our kids - and it was OK and they just wanted to help us give our kids a fun Christmas morning. I was crying on the phone, still unsure of what I was going to do. I drove back to the place, realizing that if I didn't, our kids wouldn't have anything to open on Christmas. I went in and gave them my name, and two Marines carried out these massive bags to my car and loaded up the car for me. I was so touched. Since then, no matter how much money we DON"T have, we always give to Toys for Tots.

It's an option. It really meant a lot to us that one year.

[hnhlvr]

I would limit christmas this year. Sit the kids down and be honest with them about the financial situation you find yourself in. a ).

I do not think it's appropriate to burden kids with parents' financial problems.

Others suggested going to dollar stores, etc., and I do agree with that. You can get tons of fun stuff and ALL your stocking stuffers there for cheap. Also, try Craig's List. You may be able to find all you need there.

[willsurvive]

I agree. My kids are so young, they don't understand money at all. I think if I were to sit down and tell them all, it would honestly scary them. Believe me, I know my kids. We don't intend to be excessive this year in any way.

[hopeforus]

You can make homemade playdough in all cool colors and ever scent it That makes a great gift.