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Why You Shouldn’t Wait to File for Washington Bankruptcy

February 5th, 2018 Bankruptcy Law Blog

When it comes time to file bankruptcy, many people try their hardest to avoid it. This is understandable as bankruptcy should be considered as the final option. However, even when they’ve reached the point of no return, some will continue to put it off.

When it comes to filing for Washington bankruptcy, time is of the essence. Paying a visit to a trusted bankruptcy attorney might help prevent the foreclosure of your house or garnishment of your paycheck. At Law Offices of David Smith, we have experience in dealing with creditors and can very quickly put you back on track to the road to recovery.

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Dangers of Waiting Too Long to File Bankruptcy

Bankruptcy was designed to help stop the creditors and give people a legal path to dig themselves out of debt.  Creditors won’t simply go away if you ignore them. They will use every legal means at their disposal to collect their debt.

Here are the top dangers or consequences you risk if you wait too long to file for bankruptcy:

Wage garnishments: Credit card companies and other creditors can take you to court and sue you for the money you owe them. If you

can’t pay, they will obtain a judgement against you and start the wage garnishing process. Money will be taken from your paycheck and given to your creditor(s) regardless of whether you approve it or not.

Debt collectors: Debt collectors are a tenacious bunch. Their job is to call you at all hours of the day in an attempt to collect. There are State and Federal laws that govern the behavior of debt collectors. However, debt collectors have been known to call family members, friends and even employers in an attempt to collect. A bankruptcy attorney can stop their collection efforts immediately by helping you start the filing process.

Stress: Being in a difficult financial situation can undoubtedly lead to stress and anxiety. This can negatively affect your health, wellbeing and quality of life. Dealing with it all on your own can add more stress to your life, further complicating matters. Having the support of experienced legal counsel will help relieve the burden you may feel at this time.

Common Mistakes in Waiting to File Bankruptcy

One of the biggest dangers in waiting to consult with an attorney and file bankruptcy is that people will often perform well-intentioned actions that can wind up putting them in more financial trouble. Some common mistakes that people do in an attempt to pay off debt are:

  • Borrowing money from friends and family
  • Taking money out of retirement programs to pay an unsecured debt
  • Selling real estate or other property
  • Getting loans to pay back creditors
  • Transferring property to family or friends

All of these actions can have severe financial and negative consequences when in debt. Contacting a bankruptcy attorney can save you a lot of money, time and trouble.

Your Trusted and Experienced Bankruptcy Attorney in Tacoma, WA

The bankruptcy process can be complex, and often not something many look forward to. However, this is the first step in gaining control of your debt. After you have gotten solid legal advice that you can act upon, it will feel like a ten-ton weight has been lifted off your chest. Schedule a free consultation at Law Office of David Smith today, and we can help guide you towards financial freedom.