Do People Wait Too Long To File Bankruptcy?
The idea that people who file for bankruptcy are financially irresponsible is way off the mark. People from all walks of life seek the protection of bankruptcy and the benefits it provides are immeasurable. In most instances the filer has exhausted every option and opportunity to repay their debt, and use bankruptcy as a final resort. In fact, studies show that the majority of those that file bankruptcy wait a long period of time before taking this huge financial step. This is an indication that a lot of careful thought goes into the decision and filing bankruptcy is not something most people take lightly.
The problems with waiting too long to file for bankruptcy include:
● Filing on the eve of a foreclosure sale or wage garnishment, which can cause undue stress in an already stressful situation. Gathering the documents needed to file bankruptcy and preparing the case takes time, and when the process is rushed errors can be made.
● Throwing good money after bad depletes your already low resources. When you wait too long to file bankruptcy and just keep afloat by making minimum payments you are wasting precious funds.
● Delay in starting to rebuild your credit. Taking too long to make the decision to file bankruptcy means you must wait that much longer before you can start repairing your credit.
If an honest review of your finances shows that you are unlikely to see an improved financial condition in the next six months, then bankruptcy could be right for you. If you wait to start the case you lose time and opportunities to ease the burden overwhelming finances place on you and your family. We can help you get on the road to financial freedom sooner than you think; call us today to get started.
If you have overwhelming debt, call our office for help. We will review the facts of your case and develop a strategy specifically tailored for your needs. We offer an individualized approach and work with you to reach satisfactory results. Call a Plantation, Florida debt relief attorney today for more information.