Don’t Wait Too Late Too File For Bankruptcy
Waited longer than two or more years to file for bankruptcy ended up with half of the assets of those who did not wait. So don’t be late to file for bankruptcy. Contact our Salt Lake City bankruptcy attorney as soon as possible.
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Don’t Wait Too Late Too File For Bankruptcy

Posted by: Justin M. Myers | On Sep 21, 2018
Don’t Wait Too Late Too File For Bankruptcy

Financial problems can control everything about you, from the decisions you make about your life to your emotional well-being. When debt piles up and gets out of control, it can leave you feeling like there is no way out. Financial issues are one of the main causes of stress in our lives.

When it gets bad, you may be advised to file for bankruptcy, but many people are reluctant to do so. As pointed out in that article, the time before a person files for bankruptcy is often known as the financial “sweatbox.”

This is the time period when people are facing asset depletion and debt collection. It can be one of the most stressful things anyone has to deal with, especially if they are fighting to keep food on the table for their family.

Many people sweat it out for entirely too long.

Studies using Consumer Protection Bureau data found that:

  • Those who waited longer than two or more years to file for bankruptcy ended up with half of the assets of those who did not wait.
  • A median debt-to-income ratio for those who waited is over 40 percent higher.
  • 50 percent of those who waited for faced debt collections lawsuits, as opposed to 35 percent of those who did not.

Many people put off filing for bankruptcy because they see it as a failure. They do not want to be shamed in front of their family and friends. We understand that, but we also want to stress that often, debt is not your fault.

There are times when the company you work for goes under or your small business gets hit by external forces like tariffs. Suddenly, you go from making six figures to barely making it by.

That can leave you with a large mortgage, multiple vehicle payments, business loans, and other expenses. Whereas before you had no problem making the payments, not they are drowning you.

Filing for chapter 7 or chapter 13 bankruptcy is not a failure. It is an opportunity for you to get a fresh start, a chance to get out of the muck that you find yourself in.

Bankruptcy protection lets you stop the collections and put a hold on your assets while you reorganize with the courts. Most of the time, you get to keep the things that you need to survive: your home, a vehicle, retirement savings, etc. Bankruptcy was established so you can get your life back.

Moving Forward From Here

Justin M. Myers, Attorney-at-Law, LCC understands how difficult this time is for you and your family. Let us help you get back on track. We understand bankruptcy law and can work with the court and all of your creditors to straighten this mess out. Bankruptcy is complicated and hard to get through without skilled legal assistance, but you do not have to worry when Justin has your back. When you need a Salt Lake City bankruptcy attorney, contact us by clicking here or calling us at 1-801-505-9679 for a free consultation.