When it the best time to file for bankruptcy? Just ask bankruptcy attorney Patrick Kavanagh. He runs the Law Offices of Patrick Kavanagh, P.C. in Bakersfield, California, and is used to giving advice to people in dire financial straits every day.
The best time to file for bankruptcy is before you get to the total end of your rope. If you come in and talk to a bankruptcy lawyer before the water is up to your neck, frequently you can get a better result than if you wait until the water is up to your neck.
You should see a bankruptcy lawyer before you borrow on your pension or your house to pay the bills. Frequently, people borrow on their house or pension to pay bills. But had they filed first, they would have done so and still had a house and still had equity in the house, and still had some money in their pension.
But, they filed for bankruptcy anyway and lost money in the house or in their pension. And that was not enough to pay their creditors in full anyway, so their creditors keep coming. So they have not accomplished anything but losing their pension. They might in the end file bankruptcy with less debt, but so what.
People should think about filing if they are losing sleep, if creditor calls are causing them to feel pressure, and if they are afraid to answer the telephone. They should also think about filing if their debt level is causing them to fight with their spouses or children.
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This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.
