As important as whether is when to file for bankruptcy

Anyone can find themselves in financial difficulties. It seems there are stories in the headlines of Connecticut newspapers every week about wealthy personalities suddenly in debt trouble or facing unexpected tax obligations. People in the highest income brackets often point to someone they hired to manage their money as the reason they are in trouble.

The average Joe or Jane may not be able to make the same claim, but one thing that is common to anyone trying to deal with unmanageable debt is that they often come to face the same question: Should I file for personal bankruptcy?

There are many reasons why exploring bankruptcy makes sense. Filing for either Chapter 7 or Chapter 13 has the effect of immediately stopping all calls from bill collectors. It also puts a hold on legal actions related to possible eviction or foreclosure on your home. Wages cannot be garnished. In short, bankruptcy provides you breathing room to get a handle on your situation.

By working with an experienced bankruptcy attorney, you can get the education and guidance necessary to develop a plan that the court is most likely to accept. And, once the court gives its OK, you remain protected from action for the duration of the process, providing you continue to meet all the provisions established under that plan.

However, not only is it important to explore whether to file for bankruptcy, it is important to explore when to file. Too often, consideration of bankruptcy comes so late in the game that the most desirable outcome is impossible to achieve. To avoid that scenario, it’s clear that it’s best to contact an attorney sooner rather than later.