2 common reasons people procrastinate on bankruptcy
On Behalf of O’Brien Law Firm, LLC
Posted on: May 27, 2019
Making the decision to file for bankruptcy in Mississippi is not one you should make lightly. Nor should you wait too long to file. Though you may have ambivalent feelings about your financial situation and at times feel that things are not as bad as they may seem, waiting too long to take action can make your circumstances more challenging to manage in the short- and long-term.
No one enjoys struggling with debt and receiving constant demands for payment from creditors. Unfortunately, it is a reality for many households across the country. The sooner you seek professional intervention and consider bankruptcy as a solution, the less likely you will fall prey to the pitfalls of delayed action. Here are some common reasons people procrastinate about filing for bankruptcy.
Not enough income
When struggling to make ends meet because of debt, filing for bankruptcy may seem like an additional expense you cannot afford. Though the cost of bankruptcy varies, it is possible to have the costs structured into several payments during your filing. The courts take into consideration the unique circumstances of each filer’s case and use discretion to determine if an installment agreement is beneficial. In cases of extreme financial hardship, they may waive the fees.
Denial of financial circumstances
Pretending like your debts are going to disappear may seem like a good idea because it allows you to stop stressing and enables you to sleep at night. The reality is denial about your finances can make a tough situation extremely worse. Your creditors will continue their collection attempts, which can escalate into collection lawsuits that include wage garnishment, bank account levies, foreclosures and vehicle repossessions. The only way to put an end to debt is to take action, even if that action involves making arrangements to pay your debts or filing bankruptcy to make your circumstances more manageable.
Do not let the shame or embarrassment of debt keep you from doing what is necessary to make things right and get your finances back on track. Many people experience financial issues at some point in their lives. Remember, even some celebrities and the rich and famous are not immune to the pitfalls of debt and have taken advantage of the benefits and protections that bankruptcy offers.