When it comes to bankruptcy, you can’t make any hasty decisions, but you don’t want to drag it out either. While it’s understandable that you may want to drag your feet a little, waiting until it’s too late can be detrimental to life as you know it.
Losing Your Home
Sometimes waiting too long before you file for bankruptcy comes with the consequence of losing your home. If you are unable to make payments and your mortgage company comes after you time and again, foreclosure might become their only option. This puts you out of a home. You might try to file for bankruptcy after you realize this, but it could be too late if the mortgage company has already begun to take action.
Having Your Wages Garnished
Whether you owe one person or institution money, or a whole bunch of them, a court could order wage garnishment if you haven’t filed for bankruptcy yet. This puts you in a horrible financial situation, as you are probably already having a hard time making ends meet. Bankruptcy does take a little bit of time, and you will need any money you have to simply survive while you wait for final approval. If your wages have already been garnished, it will put you behind in the process.
It’s important to realize that being too hasty in filing for bankruptcy comes with some negative effects as well. It’s possible you could get better terms if you wait a while. You could also miss out on a tax refund if you have already filed.
Making Sure It’s the Right Time
To make sure it’s the right time for you to file bankruptcy, speak with the most trusted team at Utah Bankruptcy Pros. They understand that timing is everything and will work hard to ensure you have the upper hand when going into this process. Contact them today for your free consultation.