Why Wait To File For Bankruptcy?

When it is obvious that finances are out of control good people wait. They delay using our Bankruptcy laws. Why?

  1. Things will get better;
  2. We can tighten our belt to pay things off;
  3. Paying minimum payments even when the balances increase month by month;
  4. Skimp on food, medicine, clothing, repairs and the like. Doesn’t work;
  5. Feeling  of guilt and viewing bankruptcy as the failure. The bankruptcy laws are  there to help people. Rather than failure filing for bankruptcy gives  good folks a new beginning: A Fresh Start!
  6. Believing the  “fake news” from banks and the like. They will claim you can’t get  credit again: totally false. Immediately after filing bankruptcy most  people see their credit scores rise. Within a short time, credit scores  rise. Many in the high 600’s and 700’s.
  7. You can’t file.  There unscrupulous creditors who claim you can’t file and if you do they  will object. There are very few reasons a person can’t file. Seldom do  creditors actually object. Honest people have little to fear.


There is a term for the time one needs to file and when on actual files. It is called a “sweat box”.

When in the “sweat box” period:

  •  assets can dwindle;
  •  lawsuits and garnishments can be file;
  •  cars are repossessed;
  •  houses go into foreclosure.

People  do without necessities. Some folks starve themselves or forego medical  treatment and needed medicine. Stress levels increase and frequently  marital strife ensues.


  •  People who wait for 2 years or more have about half ( ½ ) the assets of folks who did not wait but took action.
  •  People who wait, get deeper and deeper into debt.
  •  A much higher percentage of people who wait, face lawsuits.
  •  People who wait are more like to have their wages garnished.


Take 15 minutes or a half an hours and do a budget. What is your income per month? Do budget:

  •  rent or mortgage payment;
  •  utilities;
  •  phone, internet and cable;
  •  a realistic food budget; clothing allowances;
  •  non-grocery goods;
  •  transportation;
  •  car insurance and any other insurance payments;
  •  the monthly car note;
  •  cost of your children’s education;
  •  religious contributions;
  •  reserve for emergencies and/or savings;
  •  any other regular expense.

Contact  a law firm that concentrates in Consumer Bankruptcy. Most lawyers  provide Complimentary consultation. Our firm always provides  Complimentary Consultations. Call Robert J. Adams & Associates.

Clients tell me when they filed a case with us they got a good night’s sleep. At long last.

Call today; sleep better tonight.

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