Is There a Right Time to File for Bankruptcy?


I recently read an article in the news that said that the U.S. economy is going to be in a slowdown for the foreseeable future.  This is not good news for the many business who are eagerly waiting for a real recovery that will allow them to expand and grow their businesses.  It is even worse news for folks waiting for full employment or adequate employment.


There are still many people in Michigan trying to “hang on” for a little while longer, hoping that they can avoid bankruptcy.  People often ask us when they should do the unthinkable and file.  Most who file are conscientious  people who want to work and pay their bills.  This is certainly admirable.  Unfortunately, however, this perspective causes many to put off something that they should deal with today.


Believe it or not, there is a right time to file.  Some people get so far under the pressure of indebtedness that their marriages crumble, their personal lives are in havoc and their stress level is through the roof.  If that describes you, you should act today to change that.  Getting an initial consultation and some debt relief counseling can restore hope for your family and help you to have real strategies to deal with the real problems.


Waiting is not going to help.  Credit cards, bills and mortgages don’t wait, the overdue debt just keep getting larger.  Waiting until you are at the breaking point is not going to make it better.  I have seen people wait for years beyond the point where is was in their best interest to file.


So, here is my formula:  If you are going to file bankruptcy, file when it makes the most sense for you, your life and your budget.  I realize that you may need some help, but we can work together to figure out the timing issues.


Here are some of the things I think you should be thinking about:

  1. What is the debt level doing to my stress level?
  2. How is my family life being affected?
  3. Is there any reason to say my situation is going to change any time soon?
  4. Working at the current pay level, how long will it take to be debt free?
  5. How much of my debt is backed up by collateral?
  6. Am I “upside down” on any loans.


When you come in to see me, I am going to have more questions than these.  However, I recommend you think about these questions and be ready with the answers when you set the appointment.

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