It’s an adage that consumers in financial stress should see bankruptcy as their last resort. But waiting to file bankruptcy can be a dangerous decision. For instance, waiting to file bankruptcy until after creditors have judgments means wages and bank accounts are subject to garnishment and liens are placed on real property. Waiting to file bankruptcy until retirement accounts have been drained means you’ve lost an asset that would have been fully exempt in the bankruptcy and vital to your future survival. Waiting to file bankruptcy until after you’ve tried some debt management programs means you’re likely no more closer to being out of debt than you were and you’ve spent hundreds or thousands of dollars getting nowhere.
Although bankruptcy isn’t the answer for everyone in debt, it’s almost always one of the first things debtors should at least consider before they get so far into financial stress that the fresh start made possible by bankruptcy is hindered by the loss of time and money used on other strategies. Nancy L. Thompson Law Office P.C. can help you decide whether bankruptcy is the right option for your debt situation.