Lefkovitz & Lefkovitz
Nashville Office
615-686-2279
Cookeville Office
931-528-5297
We help individuals and businesses find the right solution to their money problems.

5 reasons you shouldn't wait to file bankruptcy

Unfortunately, many people wait far too long to file for bankruptcy protection. In fact, many will first try any other option available before even considering bankruptcy as a solution to their financial problems. They cash out their retirement accounts, refinance their homes and even borrow money from friends and family just to keep afloat - mistakes that can prove costly down the road.

While many view bankruptcy as a last resort, the simple truth is that it is often the best option for many families struggling with debt. With that in mind, here are five reasons why you should act now and not wait to file bankruptcy:

  • You need to protect your home: If your house is in foreclosure, bankruptcy is a useful tool you can use to protect your home. A bankruptcy filing will stop the foreclosure action and give you the time you need to figure out the best way to save your home. But if you wait too long, it may be too late.
  • You can stop throwing money away: If you are deep in debt, your monthly payments to your creditors probably do not lower the amount you owe very much. In fact, after taking into account high interest rates and possible penalties/late fees, you can pay for years and still not reduce the principal amount you owe. So stop throwing money away month after month - get bankruptcy help today.
  • You can avoid needless litigation: Waiting too long to seek bankruptcy protection can open the window for creditors to filing lawsuits against you, which can be costly and time consuming. However, once you file bankruptcy, all debt collection lawsuits and litigation are automatically stayed (stopped).
  • You can reduce your stress: As anyone who has been in debt knows, there is nothing more stressful than the incessant phone calls from debt collectors at all times of the day. Simply put, bankruptcy will put an immediate end to these calls. Also, if your debt is discharged in bankruptcy, you will not have to deal with them any more - thereby preserving both your financial and emotional well-being.
  • You can start rebuilding your credit - and your life: For many, the longer they wait to seek help, the more indebted they become, often maxing out credit cards and ruining their credit rating. Bankruptcy will give you the opportunity to get out from under debt and star rebuilding your credit.

If you believe bankruptcy may be the solution to your debt-related problems, it is best to contact an experienced bankruptcy attorney as soon as possible. You are not doing yourself any favors by waiting, so take the first step to a new financial start today.

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Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 615-686-2279
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Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 615-686-2279
Fax: 931-526-6244
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