September 1, 2011

Bankruptcy – Should I file Now or Later?

Posted in Bankruptcy tagged at 2:13 pm by demetriagraves

If you’re in financial trouble, its very easy to try and ignore the problem and hope that it will go away. Though many people come to realize that filing bankruptcy is one of the best options for wiping out your debt and getting a fresh start. If you are considering filing for bankruptcy one of the hardest decisions to make can be when is the best time to file – now or later? Here’s some top reasons why it’s a good idea to file now.

You received a notice scheduling a foreclosure sale. Once a foreclosure sale takes place, in most states, it is next to impossible to do anything to get your property back. Don’t delay, file your Bankruptcy before that sale takes place!

You would like to eliminate your 2nd mortgage or home equity loan(s) while the real estate market is down. If real estate prices go up, you may miss this opportunity to eliminate a 2nd mortgage or home equity loan through the lien stripping process if you’re filing Chapter 13 bankruptcy.

You have had a foreclosure, and now the company holding the 2nd mortgage or home equity loan is after you for payment. It is unusual for a company holding a second mortgage or home equity loan to try to collect once someone has lost their property in a foreclosure. So if they start to bug you for payment, it means you have been selected as a target and may be facing a lawsuit. Filing Bankruptcy will prevent any lawsuit from going forward & can save you a lot of grief.

Your income is stable or is going up. Bankruptcy law requires that your income be an average of what you earned past 6 months. If your income goes up, you may qualify to file now but you may not qualfy if you wait. If you need to make payments in your Bankruptcy, your payments will be higher if you wait. Let Bankruptcy work for you & file before Bankruptcy is not an available option for you.

A creditor has sued you. If you wait to file Bankruptcy, your wages may be garnished, your bank account can be attached, and liens canl be placed on your property. Do you really want to lose more money because you put off filing Bankruptcy?

You can’t stand any more creditor harassment! Those annoying calls from creditors can really ruin your day, adding stress to an otherwise difficult situation. Isn’t it time to bite the bullet & just get the whole thing past you by filing Bankruptcy? Once you file Bankruptcy, creditors are prohibited from calling you and have to work within the Bankruptcy Court, something they almost never do. What happens when a creditor calls after you file Bankruptcy? All you have to do is say “I filed Bankruptcy, and my case number is…” The calls will stop within 10 days or so!

You want to prevent more damage to your credit so that it is easier to repair and rebuild your credit once a Bankruptcy is over. The longer you go not paying your bills, the worse your credit will be when it is time to file. Every month you are late, are over your limit or pay only the minimum payment, the lower your credit score will be. Once your Bankruptcy is over, you can begin to restore your credit and increase your score. Restoring your good name is a process that takes time, and you can’t begin to do this until your Bankruptcy is completed.

The IRS or child support authorities are after you. You need legal protection from the IRS or the child support authorities. Bankruptcy can provide you with that legal protection. Although Bankruptcy cannot eliminate many kinds of taxes or child support, filing bankruptcy can make these debts manageable by eliminating other debts like credit card bills. You might be surprised that you can eliminate some of your tax debt in Bankruptcy.

You have plans for a better life, but your past debts are stopping you. If you plan on getting married or getting a new job, your past debts may prevent you from implementing these plans and having a better life. You only live once, so why deny yourself a better life by delaying filing?

The stress of dealing with debt prevents you from thinking clearly, causes you overwhelming emotional distress, depression, or even medical problems. Under these circumstances, you can’t afford to wait to file Bankruptcy. If you can resolve the debt problem, you can begin to focus on what is really important, your health and your family’s well being!

If you would like more information about how bankruptcy may be the best option for you. I offer a free 30 minute telephone bankruptcy consultation where you can get all your questions answered.

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