In most cases, the very last thing any person wants to do is to consider filing bankruptcy. In many cases, an average person will wait two years longer than he or she should have to file bankruptcy.
Don’t rearrange the deck furniture on the Titanic. Instead, realize it may be time to jump ship.
You may have stopped answering your phone because you know could be another bill collector. You may have stopped opening your mail because you know it’s just another bill. Perhaps you’re parking your car around the block or on a different street, hoping the repo man won’t find it. You may even be reluctant to open your front door, afraid that it may be a process server with a lawsuit or garnishment in hand.
When to consider filing bankruptcy
Most people know when it’s time to consider bankruptcy, but they put it off anyway. Here are several indicators of when to consider filing bankruptcy and get your finances back on track:
- Have you stopped paying bills? Even if you can’t pay a debt, you can’t simply ignore it forever. You’re damaging your credit and incurring interest and late fees. Bankruptcy eliminates debt.
- Facing home foreclosure or car repossession? These events, not a bankruptcy, are what will truly devastate your credit. Moreover, your creditor will file a lawsuit later on to recover the deficiency from the resale of home or vehicle. Bankruptcy stops both foreclosure and repossession.
- Hit with a lawsuit, garnishment, or levy? If it takes a court order to force you to repay a creditor, then it is very likely you are unable to pay that creditor. Garnishments usually take many years to fully satisfy a debt. Bankruptcy puts a stop to lawsuits, garnishments, and levies.
- Making only minimum payments? If you have more debt than you can pay off in the foreseeable future, it’s time to either restructure or eliminate your debt. You’ll never pay off your balances by making minimum payments.
Call Lee Legal to discuss your options
Ask yourself whether you want more of the same or whether you’re ready to take control of your future. Ignoring debt doesn’t make it go away. You have to deal with it.
If you are considering filing bankruptcy in Virginia, Maryland or Washington, D.C., call Lee Legal at (202) 448-5136 for a free consultation.