Unsecured debt can grow into a serious problem in a matter of months. Very often the triggering event is a job loss, a divorce, an illness or another very expensive problem that busts your budget and creates a financial crisis, seemingly overnight.

With their limited savings exhausted, many consumers turn to credit cards, loans and lines of credit to provide temporary help in paying the bills during that crisis, only to discover massive balances that they simply can’t pay off. If you’ve exhausted your other options and you already know a Chapter 7 filing may well solve the problem, delaying bankruptcy is probably costing you a lot of money.

Delaying = bleeding

Bankruptcy is NOT right for everyone, but it is VERY right for some people who are mired in intractable debt. Assuming that you are a qualified candidate for Chapter 7, waiting too long means you are bleeding money each month. How?

Filing bankruptcy under Chapter 7 will force your creditors to stop contacting you, which means the phone harassment will cease. But your bankruptcy filing will also mean that you no longer have to make payments on your credit cards and loans that are included in the bankruptcy. For most people in significant debt, that means they can start saving HUNDREDS of dollars PER MONTH in payments, which can mean many thousands over the course of a year.

Chapter 7 brings relief

It is horrible to feel like you are throwing away money that you actually need for housing, food, transportation and other necessities. And it feels wonderful to be able to keep that money in your pocket — and away from credit card companies and banks — once your debts are in the process of being discharged. A successful Chapter 7 allows you to do just that.

Again, bankruptcy is not appropriate for every situation. But if you believe it might be effective for you, get the legal advice you need, sooner than later.