If you have to file Bankruptcy, do it immediately. The longer you delay, the more you’re going to pay. You’ll pay more for attorneys fees because your problems will become more complicated. And your credit score will pay a heavy price if you delay filing bankruptcy when you know you have to file.

Pressing Matters

If you are facing foreclosure and your other options are exhausted, you have to file bankruptcy to stop the foreclosure. Likewise, with repossessions, garnishments, lawsuits and evictions, in many cases you must file bankruptcy. You should do it immediately once you realize what you must do.

These are pressing matters. A good bankruptcy lawyer will tell you your bankruptcy timeline, including any hard deadlines on when you must file. If your bankruptcy attorney tells you that time is of the essence, work quickly to get your case filed as soon as possible.

Timing Issues

Other times, you may be served by delaying a bankruptcy filing. For instance, if a foreclosure auction is scheduled far enough out, it may make sense to delay a bankruptcy filing to include upcoming months in the Chapter 13 plan.

Under other circumstances, if you have incurred debt very recently or expect to incur debt in the near future, in some cases it makes sense to delay your filing until you can include those debts in your bankruptcy. Or you may have made a large transfer or bequest of property recently, which may also justify holding off on filing bankruptcy.

But those are all less common issues. For the vast majority of Chapter 7 bankruptcy filers, the sooner that you file your bankruptcy, the better.

If You Have to File Bankruptcy, Do It Now

The sooner you file your bankruptcy, the more quickly your credit will begin to heal. I can not understate the importance of having good credit.

The sooner you are debt-free, the more attention you will be able to pay to the aspects of your life you really care about.

And the sooner you put daylight between you and your creditors, the sooner you can focus on moving past your debt.

If you know you have to file bankruptcy, don’t procrastinate. Do it immediately.

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