As with anything, timing is important when you are planning to file a personal Chapter 7, 11 or 13 case. If possible, you want to plan the optimum time to file in order to maximize the benefits to you. The more time you allow us to plan and strategize, the more likely you will obtain a successful outcome. Equally as important, however, is not to procrastinate or wait too long to file. Consider this:
- Loss of money. Many debtors do everything they can to avoid filing for bankruptcy and in the process they make their financial situation worse, only to file for bankruptcy anyway. The longer you wait to file, the more likely you are to live off of your savings, borrow from a retirement account or sell assets. In a bankruptcy case, we can claim exemptions to protect many types of property that can assist you with your financial fresh start. Thus, as soon as you start contemplating extreme actions to avoid bankruptcy, take time to at least meet with us for a no-cost initial consultation to learn how we can help.
- Loss of property. The longer you delay in filing a personal bankruptcy, the longer debt collectors and creditors have to take collection actions against you. As soon as your case is filed, the automatic stay goes into effect and prohibits your collectors from seizing assets, proceeding with a foreclosure, or filing a lawsuit.
- Loss of health. The stress of being overwhelmed with debt and fighting with creditors is hard on your health. Most of our clients feel a sense of relief as soon as their case is filed because they know their creditors have to back-off. Bankruptcy can provide a feeling of peace knowing that you have a strategy for dealing with your finances.
Please keep in mind that every case is different. If you have questions about filing a personal Chapter 7, 11 or 13 bankruptcy, and would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at (954) 932-5377.