Why You Should Not Wait to File Bankruptcy

No one wants to file bankruptcy, and bankruptcy is not for everyone, but it is usually the best option because it works! It allows you to get rid of debt and keep the possessions that are important to you. Talking to an experienced bankruptcy lawyer is not going to make your situation worse. In fact, you will learn how to keep from making the situation worse and get the information you need to make the decision that suits you the best.

Bankruptcy is the most beneficial to you if you file before you lose everything or deplete your savings and retirement accounts.

Here are some of the advantages to filing sooner rather than later:

• You may not qualify for a Chapter 7 bankruptcy if you wait.
• Waiting gives your creditors time to step up collection efforts against you.
• Waiting may not give your attorney enough time to adequately prepare your case.
• Things are only going to get worse as time goes by.
• You will not have to drain your retirement account paying debts that could be discharged.
• You will not have to take out a home equity loan to pay debts that could be discharged.
• You can stop the foreclosure of your home.
• You can stop the repossession of your vehicles.
• You can stop the garnishment of your pay check and bank account.
• You will not go deeper into debt.
• Chapter 13 can stop the interest and penalties on taxes you owe.
• Lawsuits and judgments will not become a lien on your home.
• No more harrassing phone calls and nasty collection letters.
• The timing of your case can help or hurt you!

The last statement is one of the most crucial things you need to understand out of everything stated above. We hear it all the time, success is all about timing, and in bankruptcy, it is especially true.

Making the decision to file bankruptcy early on puts you in control of the timing and your fresh start. There may be many good reasons to wait before you file, but in that case you would be waiting because of a strategy you and your attorney have worked out. Waiting just because you think things are going to magically get better is not a good plan. Being forced to file because of lawsuits, garnishments or a foreclosure puts you in a situation where you are not in control of the timing and you could needlessly suffer a loss of your money, property, or even your ability to receive a discharge through filing for bankruptcy.