Now Is the Time to File for Bankruptcy

If you're considering filing for bankruptcy, do it now and start getting the benefits. You're tired of receiving calls and notices from creditors and bill collectors. Give yourself a break from that and get in touch with a bankruptcy attorney. They will walk you through the steps and you'll start feeling some relief. Here are some good reasons to stop waiting and file right now.

You Can Stop Worrying about the Actual Filing

If the legal process of a bankruptcy has you anxious, you can relax. Your attorney and their staff will do the filing for you. All you have to do is provide them with the information they request. This will include

  • information about all sources of income
  • information about assets such as your home, cars, properties, and investments
  • bank account numbers, balances, and contact information
  • creditor information such as account numbers, amount owed, and contact information

All of the information is important, but the creditor information is critical to taking the pressure off of you. Some creditors you may have not heard from for several months. You need to give the information about any creditor to whom you owe money to your attorney so they can include them in their notification of your bankruptcy filing. If you forget a creditor, you may be able to add them on later, but it will delay the process.

You Can Start to Relax When the Filing Is Done

The date of the filing is an important one because you are protected from various actions after that. The sooner you get your information to your attorney, the sooner they can file and you'll start seeing these benefits:

  • Calls and notices from creditors must stop: Creditors must stop making attempts to collect from you. They must stop any bill collector activities and put any legal actions against you on hold. Late fees added to your accounts must also be stopped.
  • Your income and assets are protected: Creditors can't garnish your wages once you have filed for bankruptcy. Vehicles you own can't be repossessed. Once you file, the bankruptcy court will decide what happens to your assets, so creditors must wait until the outcome of the process.
  • Your primary residence is protected: Any foreclosure actions on your home must be put on hold. The court will assign a trustee to your bankruptcy case and they will determine how best to handle the house. They may decide that selling the house is a better option than letting it go through foreclosure. Until that final decisions, you can continue to live in the house.

If you've been reluctant to follow through with your bankruptcy, consider these benefits and contact a bankruptcy attorney like Young Wooldridge. You'll gain some breathing room as you begin to put your financial life back together.