Is it too late for you to file bankruptcy?

There’s been a lot of news about how few people are filing for bankruptcy lately. On the surface that sounds like good news, but experts are warning that what could be happening is that a “shadow debt” crisis is brewing, because people in trouble are delaying bankruptcy instead of giving it a serious look.

Bankruptcy is not just a legal process; it’s also an emotional issue. Many people worry that filing for bankruptcy protection is a sign of failure, when in fact getting rid of the debts causing stress could make future success much easier. There’s also the common fear that everything will be lost in bankruptcy, which is not the case. Anyone eligible to file a bankruptcy case is given a number of exemptions to protect home, car, and other property. Just thinking about talking to an attorney might trigger these and other emotions, but it’s important to remember that there is a lot to learn before making the decision to file.

It can make sense to hold off on filing for bankruptcy, but it’s important to make that decision with all the facts. Timing is important in bankruptcy cases: some people who come to me should file right away, some I advise to hold off for a few months, and there are people who don’t need to file for bankruptcy protection at all. That’s the point of offering a free consultation, to help people understand the options, and which ones fit their individual situation best. Since timing can be critical, the sooner I talk with someone about debt problems, the better I can counsel that person on what to do, and when.

If you are getting letters and calls from bill collectors, have judgments being filed against you, or you are facing wage garnishment, it may be time to get some free legal advice by calling Selby Legal.