When should I file for Chapter 7 bankruptcy?

The decision to file for bankruptcy is a difficult decision. Filing for bankruptcy should not be considered until all other methods of satisfying one's financial obligations have been analyzed. However, if your situation has become so severe that you are in danger of foreclosure, garnished wages or repossessions or you are using income that you need to support yourself and your defendants, delaying can have devastating consequences. Procrastination could cost you your wages or money in bank accounts. Filing your case in a timely fashion can spare you these losses.

Putting off seeking advice about bankruptcy may cause you to lose money. I have met with many clients who have been struggling to pay bills with money that could have been used to get themselves out of debt by filing for bankruptcy. In addition, stopping a creditor's collection actions is more expensive than preventing the action in the first place.

If you are struggling to with your bills, we can work out a payment plan that put you in charge of your finances. Contact us today or call us at 320-2010 to schedule your free, no obligation appointment to find out how a Chapter 7 bankruptcy can help you.

Edrie Pfeiffer
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Edrie Pfeiffer, Bankruptcy & Divorce Attorney