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Why You Shouldn’t Wait Too Long To File For Bankruptcy


When debt problems spiral out of control, borrowers are often and understandably left feeling like there is no way out. Experiencing significant financial stress – one of the biggest stressors among Americans – can have a life-changing impact on your day-to-day life. And once you realize the reality of the situation, it is always a good idea to try out some solutions that can help improve your financial problems. However, that doesn’t mean you should take all the time in the world to formulate a plan if your financial problems cannot realistically be fixed without more drastic action. If you have found yourself in a place where your financial situation is growing increasingly worse, it may be a good idea for you to explore your bankruptcy options now.

How Could Bankruptcy Potentially Help?

If you are an individual in financial turmoil, bankruptcy may be able to give you the fresh start you need. You will probably be relieved to know that as soon as you file, several collection efforts will be halted including any:

  • Harassing calls and letters from creditors
  • Lawsuits
  • Wage garnishments
  • Other attempts to collect most other debts

The vast majority, or 70 percent of all bankruptcy filings are under Chapter 7 which means that assets exceeding certain exemption levels are utilized to satisfy unsecured creditors. The rest of the debts are discharged which frees the borrower from being obligated to the remaining debt. Individuals can also file under Chapter 13, which instead requires borrowers to make structured payments toward a specified portion of their unsecured debt.

As stated above, most unsecured debt is dischargeable under either chapter. However, there are exceptions that are not typically included in bankruptcy proceedings such as:

  • Student loans
  • Alimony and child support obligations
  • Debt obtained through fraudulent means

Is it Too Late to File for Bankruptcy if My Creditors Are Already Suing Me? 

Many people understandably wait to pursue bankruptcy until things have already gotten further than they anticipated and they are now facing imminent legal action. Fortunately, it probably isn’t too late to file for bankruptcy even if you are already being sued. If you have eligibility under one of the bankruptcy chapters, you can still pursue bankruptcy even if a creditor has already filed a lawsuit against you or even after a judgment has been entered against you. Any time you have concerns with timing, you should consult with a qualified bankruptcy attorney to figure out whether bankruptcy is a viable option.

Do You Need to Figure Out Whether This is the Right Time to File? We Can Help. 

If you are thinking about filing for bankruptcy, it is vital that you understand your legal rights and options. Seeking legal help can help you make an informed decision in a timely way that preserves your maximum access to your right and it is advised to consult with an experienced bankruptcy attorney in order to find out whether or not bankruptcy is the right option for you. As the Plantation bankruptcy attorneys at Nowack & Olson, PLLC, we can help you sort out whether and when you should file for bankruptcy, and we will support you throughout this process as you move toward a brighter financial future. Obtain professional and thorough legal assistance by contacting us today to begin with a complimentary consultation.

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