Is viral message a help or a hoax?

NEW YORK - If you're one to give gift cards for the holidays, make this be the year you read the fine print. Either that or tell your giftee to get out and use the card quickly.

With a down economy that's seeing some companies declare bankruptcy, some gift cards are rumored to expire on Jan. 1.

The Web site snopes.com , which confirms and disproves rumors and urban myths, has covered this story for months and lists a handful of companies that have filed for Chapter 11 this year, which could cause them to sell the cards, but only honor them for a limited time.

This legal practice is called bankruptcy planning .

Among the companies in the spotlight is holiday favorite Circuit City , the electronics giant that has been losing money much of the year.

Ray, who manages the chain's busy Lincoln Center location in Manhattan , said he's not familiar with any Jan. 1 expiration date.

"Honestly, as far as I'm concerned, it's business as usual," said Ray, who didn't want to give his last name. "We plan to honor them on a daily basis."

The snopes coverage notwithstanding, another report suggests the viral email going around telling recipients of the Jan. 1 expiry is a hoax.

The story in Thursday's Detroit Free Press says the "e-mail incorrectly states that J.Jill is closing its stores. Talbot's has announced it is seeking a buyer for J.Jill."

Hollywood Video, Sharper Image and Linens-N-Things are also among the larger companies whose gift cards are mentioned in the email.

So add a little gift-card confusion to the already enjoyable holiday staples like crowded malls, impossible parking lots and credit-card debt.