#Georgia #bankruptcy #lawyers #chapter7 #waiting
#Waiting too #long to file #bankruptcy can cause you to repay more debt than you would had if you had simply filed earlier. People usually wait too long to file for bankruptcy because it is such a difficult decision. However, debt does not go away on its own. With time your debt will only get worse and the stress you are experiencing will wear on your health. Not to mention, creditors will continue to harass you, the risk of wage garnishment, and the risk of #repossession or #foreclosure will increase.
Sometimes, the realization that bankruptcy is the way out comes as a last resort, a desperate measure. Ultimately, it could be a lawsuit or a writ of garnishment that puts you over the edge. In this case, you have waited too long. It is very common for people to find ways to pay off their creditors in order to avoid bankruptcy. Unfortunately, it ends up costing them more money than it would be speaking to an attorney.
The following is a list of common mistakes debtors should avoid doing:
➡️Taking money out of retirement programs to pay unsecured debt;
➡️Borrowing money from banks, taking out cash advances from credit cards, dealing with payday lenders;
➡️Selling real estate or other assets;
➡️Transferring property to friends or family members;
➡️Borrowing money from friends and family;
➡️Drawing down their bank accounts to pay dischargeable debt;
➡️Getting sued, or garnished or attached;
➡️Dealing with unpleasant phone calls, nasty letters and stress.
Most people do not think about bankruptcy until they get into a situation where things do not look good financially. There is so much #misinformation, and so many myths that I think many people just assume that bankruptcy is a terrible thing. They assume it is going to destroy your credit, you are going to lose many assets, and they have this negative stigma attached to it.
Many people assume that bankruptyc is going to destroy everything and they want to put that painful experience off – and avoid even considering it until they cannot avoid it any longer. What can happen is people delay educating themselves by sitting down with the bankruptcy lawyer for a free consultation. They do all the other things that could potentially be; a) detrimental to their ability to eventually exercise their bankruptcy rights; or b) prohibit them from being able to file bankruptcy at all.
What I have seen happen to people before, is people who have been struggling for years. They could have come in and met with us and easily qualified for bankruptcy at that point. Now, they have just recently started a new job or got married, and now we are looking at a household income that is much different than their income was as a single person. They are no longer meeting the qualifications for a chapter 7. They still are able to file for chapter 13, but if you have to choose between the two, all else being equal, chapter 7 is much more preferable, because a chapter 7 takes three to four months, and a chapter 13 at a minimum takes three years.
Here are some factors that can help you determine if bankruptcy is right for you:
➡️Your debts are more than 40% of your income. This debt-to-income ratio is a marker of potential financial distress, according to the Federal Reserve, and can indicate that your debts are too high to pay off on your own.
➡️You’re using debt to pay for other debts. At this point, you’re slipping further down the debt spiral, and it can be hard to recover without a serious financial windfall.
➡️Your debts are ones that could be wiped out in bankruptcy. Unsecured consumer debts, like credit cards, medical bills and personal loans, can all be discharged in bankruptcy. Other debts, like student loans and some court judgments, cannot be eliminated.
➡️You’re forgoing essentials. Sixty-percent of long strugglers surveyed in the law review report went without medical attention while struggling to pay debt and nearly 32% went without food.
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Saedi Law Group are experienced Georgia bankruptcy lawyers who have been helping Georgians file bankruptcy for over 19 years. We have filed thousands of bankruptcy cases here in Georgia and are in court every day fighting for our client’s rights against creditors. If you are currently struggling with overwhelming debt, or feel your financial situation will be severely stressed in the coming weeks, now is the best time to start looking at all options available to you.
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