Why You Should File for Bankruptcy Sooner Rather Than Later

a couple reviewing documents

It can be very difficult to deal with debt, especially if you are struggling to make ends meet. If you are considering filing for bankruptcy, it is important to understand the benefits of doing so sooner rather than later. Many COVID-19 financial assistance programs are set to expire soon, and filing for bankruptcy can help you get relief from your debts. Los Angeles bankruptcy attorneys Wadhwani & Shanfeld can help you understand the benefits of filing for bankruptcy and how it can help you get relief from your debts.

#1: Avoid Wage Garnishment & Bank Levies

There are many benefits to filing for bankruptcy sooner rather than later. First, if you wait too long to file, your creditors may begin taking legal action against you. This can lead to wage garnishment, bank levies, and other legal actions that can make it even more difficult to pay off your debts.

#2: Protect Your Assets

Second, the longer you wait to file for bankruptcy, the more at risk your assets are. Creditors may begin seizing your assets to repay your debt, which can leave you without the resources you need to get by. Filing for bankruptcy can help you protect your assets and keep them out of the hands of creditors.

#3: Get a Fresh Start

Another benefit of filing for bankruptcy sooner rather than later is that you can get a fresh start. This means that your debt will be discharged, and you will no longer be responsible for paying it back. This can give you the opportunity to start rebuilding your credit and financial stability.

#4: Stop Collection Calls & Harassment

If you are dealing with constant collection calls and harassment from creditors, filing for bankruptcy can help put an end to it. Once you file, creditors will no longer be able to contact you directly. Instead, they will have to go through your bankruptcy attorney. This can give you the peace of mind you need to focus on getting your finances back on track.

#5: Pause Evictions & Foreclosures

Filing for bankruptcy can help pause the process if you are facing eviction or foreclosure. This can give you some much-needed time to get your finances in order and figure out a plan to keep your home.

If you are dealing with overwhelming debt, our team at Wadhwani & Shanfeld is here to help you. Contact us today at (800) 996-9932 to schedule a consultation!

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