Last week, we discussed a few key terms regarding Black Friday and bankruptcy in the Mankato, Minnesota area. Now that we know all about the history of this holiday, and about the importance of remaining “in the black,” it’s time to think about our own personal finances this holiday season.
Here are a few tips and tricks to avoid bankruptcy this holiday season, even in the midst of the shopping frenzy that is Black Friday:
- Set a Budget: In order to avoid bankruptcy this holiday season, decide how much money you plan to spend on gifts. If you have a plan, you’ll be less likely to splurge on an extra box of fancy chocolates for your co-worker or another pair of socks for your nephew. While you’re budgeting for the holidays, remember to factor in additional costs for food, traveling, and decorations, too!
- Pay With Cash: Rather than wracking up credit card debt and flirting with potential bankruptcy, withdraw your Black Friday shopping budget in cash. This way, you know that you’re staying within your budget for the day. Just make sure to keep the money stored safely in a wallet, purse, or car compartment in order to survive the long day of shopping!
- Mark a Route: If you’re out shopping on Black Friday, decide which stores you’ll visit, and in which order you’ll visit them. If Kohl’s is next to Best Buy, but across town from Wal-Mart, plan the order in which you’ll visit all three with limited doubling-back. This way, you won’t waste time or money driving back and forth between different areas of town. Think of it as your own personal shopping map, and make sure to include a hot chocolate stop!
- Just Pick One: Although it may be tempting to take advantage of Black Friday, Small Business Saturday, and Cyber Monday, you’ll be more likely to spend responsibly and avoid debt or bankruptcy if you limit yourself to one day of binge shopping. So, if you’re passionate about supporting local businesses or you love online shopping, spend Black Friday curled in a blanket and relaxing!
These four simple steps should help keep your finances in check this holiday shopping season, even in the midst of Black Friday debt and potential bankruptcy. However, if you live in the Mankato, Minnesota area, and you already feel like your finances are on clearance this holiday season, contact the professionals at Behm Law Group Ltd. today.
Black Friday is just around the corner in the Mankato, Minnesota area, which means businesses and consumers are already starting to prepare. Usually, preparing for Black Friday means setting an early alarm clock, brewing extreme amounts of coffee, plotting a shopping route, and elbowing to get the best deals. Through all your planning, though, have you also prepared your pocketbook?
Bankruptcy can be a serious issue around the holiday season, especially when it comes to a day dedicated to spending money. In this two-part blog post, we’re going to first discuss the history of bankruptcy in regards to Black Friday. Next week, once we know what Black Friday is all about, we’ll pick up with a post about avoiding bankruptcy on Black Friday.
Here are a few facts behind Black Friday vocabulary:
- All in a Name: The name “Black Friday” originated with the Philadelphia Police Department in 1966. They began referring to the day after Thanksgiving as “Black Friday” because, as a result of increased holiday shopping and traffic from the Army versus Navy football game, the city was thrown into chaos.
- In the Black: The meaning of the changed in the 1980s. The phrase “in the black” typically means that stores are profitable, whereas “in the red” means that stores are either struggling financially, insolvent, or approaching bankruptcy.
- Cyber Monday: Though Black Friday has remained important to annual retail sales, online shopping is becoming increasingly popular. Don’t want to wait in line for hours for that new T.V.? Better to wait until Cyber Monday, which takes place the Monday after Thanksgiving!
In order for you to remain financially “in the black” this holiday season, we’ll be back next week with a few ways to avoid filing for bankruptcy this Black Friday. For folks in the Mankato, Minnesota area, the holiday season should be celebrated, not feared.
If you feel like your finances need a little help before the season starts, and that bankruptcy may be the best solution for you, contact Behm Law Group Ltd. today.
It’s November in Mankato, Minnesota and all throughout the area, there’s already a sense of holiday excitement and cheer in the air. That’s because the first big November holiday is already happening this week, on November 5.
That’s right. It’s National Doughnut Day!
I’m sure the word “doughnut” brings a few visuals to mind. You may be thinking about glaze, frosting, and the words “Bavarian Cream” or “Bear Claw” might resonate with salivating celebrators. You may also be thinking about your favorite local bakery, or about a more national bakery such as Dunkin’ Donuts.
But there’s one doughnut bakery that may no longer be in the forefront of your mind: Krispy Kreme. Whatever happened to Krispy Kreme?
This doughnut day, we’re going to explore the history of this famous doughnut company. Krispy Kreme’s history with bankruptcy proves that it’s possible to go through a filing and successfully reinvent your business afterward. Let’s take a look at Krispy Kreme’s bankruptcy timeline:
- 2003: In 2003, Krispy Kreme’s business was sweet! The company was heralded as “America’s Hottest Brand,” for both consumers and investors. This phrase made the cover of Fortune magazine.
- Post 2003: As a result of low-carb diet trends, the market for doughnuts decreased rapidly. While Krispy Kreme’s competitors rebranded or introduced coffee drinks to avoid decreased sales and bankruptcy, Krispy Kreme continued to operate the same way it always had.
- 2007: Diet trends finally became too much, and in 2007, Krispy Kreme was forced to close a number of stores. Sales had decreased, and the company had to file for Chapter 11 bankruptcy.
- Now: Krispy Kreme emerged from bankruptcy a few years ago and is back on the doughnut scene. Now, however, the company is choosing to focus on specialty and international products in addition to their classic glaze!
Although Krispy Kreme may no longer be “America’s Hottest Brand,” the company has managed to come back from their Chapter 11 bankruptcy and refine their approach to deep fried dough. They will still be here to celebrate with you this National Doughnut Day, and they’ll also be celebrating with Canada and France!
Krispy Kreme is proof that it’s possible to successfully reinvent yourself after a bankruptcy filing in Mankato, Minnesota. Even after filing bankruptcy, life can still be sweet! If you would like more information about your own bankruptcy filing, contact the professionals at Behm Law Group Ltd. today.
One dark, stormy night in the Mankato, Minnesota area, Kevin sat alone in his den. He was looking through bank statements, wondering how he’d be able to cover both his medical bills and his son’s college tuition for the rest of the year.
Lightning flashed in the distance. Kevin started, looking from the dark window towards the ticking cat-eye clock on the kitchen wall. The time had come. He was prepared to file his skeleton petition for bankruptcy.
At this point in the story, you should be screaming, “Stop, Kevin! Don’t do it!” Kevin is about to make a mistake. Filing a skeleton petition for bankruptcy is dangerous, and almost always inadvisable.
So, how can you become a hero in your own scary story? Here are three things to do in order to avoid skeleton petitions:
- Do your research: What, exactly, is a skeleton petition? These petitions, often referred to as “skeletons” or “ghosts,” are filed in bankruptcy court with minimal information, in order to avoid foreclosure. These documents are usually three or four pages long, whereas typical petitions are twenty to thirty pages long.
- Do find a professional attorney: Folks usually don’t file a skeleton petition if they’re working with a trained, professional bankruptcy attorney. If you are advised to file a skeleton petition, it’s a sign that your attorney is either inexperienced or unprofessional.
- Do go through the process: Often, people file skeleton petitions in order to avoid the entire bankruptcy process or to delay foreclosure. However, skeleton cases are typically dismissed. This means that you’ll need to file again, and ultimately, you’ll need to go through the traditional bankruptcy procedure within a court.
If you live in the Mankato, Minnesota area, don’t make Kevin’s mistakes. You can avoid skeleton petitions, and as a result, your scary story might not be so scary after all.
In fact, with the help of the professionals at Behm Law Group Ltd., it could be a story with a very happy ending. So take control of your plotline; contact Behm Law Group Ltd. today!