Many people have idiosyncrasies and personality flaws, one of the worst ones to have is procrastination. It's easy to procrastinate on going to the store or calling someone back, but when it comes to financial matters like paying bills, it is not a good idea to put it off. When people procrastinate about paying their bills, they usually wait until the ninth hour to file for bankruptcy. Filing bankruptcy and procrastination usually go hand-in-hand in the lives of people that are having financial difficulties. Being buried in debt can be scary and making the move to file for bankruptcy can even seem scarier. In the beginning stages of financial trouble, filing for bankruptcy seems like an option that can be resolved with a loan modification, getting help from your family or getting the creditors to waive some payments so you can get caught up. Many times, the fear of the unknown of jumping into a bankruptcy filing can paralyze an individual with fear until something big happens that forces the debtor's hand.
It's normal for many people to put off filing bankruptcy as long as they can. In many cases, they feel like something good might happen that will bail them out of their trouble. In reality, as long as the debtor isn't taking money out of their 401(k) or borrowing more to pay down debts, there won't be any irreparable damage. There are some things that can happen that will complicate the individual's bankruptcy filing. Basically, it will give a bankruptcy attorney more damage control to do.
When a debtor defaults on their debt, the first thing a creditor will do is file a lawsuit against the debtor for the balance owed. If the debtor doesn't respond, the creditor will get a judgment against the debtor. Once the creditor gets the judgment they can file a wage garnishment and start garnishing the debtor's wages. If this is done prior to filing bankruptcy, a bankruptcy attorney will have to send the agency that serves the wage garnishment and the employer that the debtor is filing for bankruptcy to stop the wage garnishment. If the debtor knows they are being sued, they shed contact a bankruptcy attorney immediately and possibly avoid the loss of wages and the hassle incurred to remove the wage garnishment.
It seems many people wait right up until the eve of the foreclosure sale date of their house and then call the bankruptcy attorney to see if they can do an emergency bankruptcy filing to stop the foreclosure sale. Don't get me wrong, it can be done, but it might be hard to find a bankruptcy attorney that would have the time and the patience to jump at last minute and file for the procrastinating client. If the debtor waits too long and the foreclosure sale happens, this sale is final and it's next to impossible to reverse it. It takes time to prepare a bankruptcy petition and most of the time, a bankruptcy attorney doesn't want to be rushed unless the client is willing to pay a premium.
When it comes to filing bankruptcy it's much better to be proactive instead of procrastinating. The individual can avoid a lot of headaches and even save some money on the legal fees a bankruptcy attorney would charge them. The more involved the bankruptcy filing, the more the cost. Before your financial situation gets out of control, consult a bankruptcy attorney to avoid any additional cost and damage.
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