“(I) consumer debts owed to a single creditor and aggregating more than $650 for luxury goods or services incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable; and
(II) cash advances aggregating more than $925 (*) that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relief under this title, are presumed to be nondischargeable.”
Giving the kids “one last” really good Christmas not only results in a lot of February Bankruptcies, but it may result in debts that can never be shed in Bankruptcy. It is actually wrong under the Bankruptcy Code to use credit once you have decided you need to seek relief from debt. Don’t all into the trap of thinking that because Bankruptcy somehow alters the rules that there are no rules inside Bankruptcy itself. If you can’t pay cash for it, don’t buy it.
Remember, the store that spends all those ad dollars talking you into buying things you don’t need and others will only appreciate for about 20 minutes on Christmas Day before they become just part of the inventory, really do not care whether you pay the bill for them or not.