Is it too late to file for Bankruptcy?
So you have been sued or are being sued by a creditor for a debt you just can’t pay. Perhaps they have already started trying to collect on the judgment by garnishing your wages and/or bank accounts. You are thinking you let it get too far and there is nothing you can do…. Wrong – this may be an optimal time to file for bankruptcy. The minute you file, an automatic stay (injunction against collection) is imposed, and creditors are no longer allowed to come after you and try to collect.
You might be asking yourself is, “if a judgment has already been filed against me, is it too late to file for bankruptcy?” In short, the answer is no.
The advice of an experienced bankruptcy attorney who can examine your financial situation and determine how best to deal with the judgment or pending law suit is your best option. Don’t listen to the creditors when they tell you that you are out of options, they just want your money. The creditors want you to do nothing so they can use all means possible to collect from you. You always have options and seeking legal advice will help you explore the best path to take based on your unique situation.
Creditors will always make you feel as though you have no way out, and seeking judgment against you is just another step they can take to make you feel even more stuck. If you are having trouble paying your bills and are cashing out your retirement funds, or even perhaps taking out pay day loans to make ends meet, you are in financial trouble. Have you cut back on expenses every way possible, while only covering your minimum payments and getting hounded by creditors? Has the bank threatened to take your property? Contact a bankruptcy attorney. This way, you can truly find out what your options are, and whether you file or not, you will have a better understanding on where you stand financially and the best next steps to take. And the most encouraging part of all..? In most cases, those steps will involve you walking away debt free.