People have heard the phrase “fight or flight.”
When confronted with an uncomfortable decision like bankruptcy, many folks become frightened and frozen–unable to make a decision. When faced with overwhelming debt, making a choice can be hard. It’s not unusual for someone to take lots of time to reach a decision whether or not to consider bankruptcy as an option to approach debts. Too much hesitation can be costly.
Sometimes people become overwhelmed by the prospect of taking the next step. Unless there is a real chance of the your personal economic situation improving, the main regret most of our clients have about the bankruptcy process was waiting too long to file.
Bankruptcy protects retirement accounts and most household goods. Wage garnishments and calls from bill collectors are stopped immediately with the filing. For most, the hard part about bankruptcy is making the basic decision to file.
The danger with delaying is the potential to make is bad financial choices trying to put off the inevitable. Before making the decision to file, we’ve seen many people continue to pay on bills they have no chance of ever paying off. Sometimes, they close retirement accounts or take mortgages on homes that would, otherwise, be safe from creditors.
If you have met with us about bankruptcy and have any follow up questions or concerns, please feel free to us at (225) 293-6200 or (800) 404-1921. Someone from our office will help you complete paperwork if you need help.