CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Timing and Bankruptcy: Why It’s Important

Bankruptcy is often viewed as a last resort. It is not until there are no other options and a person is desperate that he or she approaches an attorney about filing for bankruptcy. Unfortunately, this is not always the ideal scenario. Waiting until creditor harassment is out of control and your hands are tied can make your situation worse. Taking control of things through bankruptcy sooner rather than later can actually make the process easier and improve your financial well-being in the future. How can you plan ahead and choose the best time to file for bankruptcy?

Be Honest about Your Finances

Too many people ignore financial struggles until those struggles no longer can be ignored. If you suspect you are headed toward financial disaster, take some time to review your monthly budget. Calculate your income, your debts, and your expenses, and determine how feasible it is to continue in your current situation and for how long. If you are consistently facing financial struggle, it might be time to explore your options.

Consider the Reason for Your Hardship

Now that you understand you are facing financial difficulties, consider why that is the case. Sometimes financial issues are the result of a temporary setback. For instance, an illness might have resulted in time away from work, so money is tighter than usual. A little belt tightening or loan from a friend could be enough to get you through a few weeks of financial strain.

However, if financial issues are more permanent and there can be no more trimming of the budget, bankruptcy might be your only option. If bringing your budget under control is not an option, bankruptcy provides a way to make a fresh start and get a handle on your financial future.

Evaluate Your Current Solution

Another important consideration when evaluating your budget is to think about what money you are using to meet your debts. If you are moving money from savings or retirement accounts on a regular basis to make ends meet, you could be setting yourself up for financial disaster. Liquefying funds can result in penalties and fees, which can set you back even more. You also run the risk of eventually running out of resources. Unfortunately, your temporary solution to pay your bills could end up making your problem worse in the long run.

Understanding when the time is right to file for bankruptcy is challenging, but it can make a big difference when it comes to repairing your financial situation. The “right time” is different for everyone and most people can use some professional advice when it comes to deciding what time is right for them.

If you would like to speak to someone about the timing of bankruptcy and why it is important for your financial future, we can help. Contact the Law Offices of Robert M. Geller at 813.254. 5696 to scheduled a consultation and discuss your bankruptcy options.

Archive

Tampa Bankruptcy Law Blog

How Does Claiming Bankruptcy in Florida Affect Your Children?

Claiming Bankruptcy in Florida Understanding how claiming bankruptcy in Florida affects your children is an important part of determining whether...
Read More

Claiming Bankruptcy in Florida: What Happens When You File for Bankruptcy and Your Spouse Does Not?

Claiming Bankruptcy in Florida You already know how much the things you do affect your spouse when you are married....
Read More

Should You Pay Back What You Owe Loved Ones Before You File for Bankruptcy?

Florida Bankruptcy Laws It’s common for people who are struggling financially to turn to their friends and family for help....
Read More

Bankruptcy and Family Law: Does Filing Affect the Child Support I Pay or Receive?

Bankruptcy and Family Law If you’re like many people, the well-being of your children is your most important priority. Struggling...
Read More

5 Tips for Overcoming the Emotional Toll of Bankruptcy

Florida Bankruptcy Attorney Getting through the bankruptcy process is about more than just improving your finances. Working with a Florida...
Read More

Bankruptcy and Divorce: The Far-from-Perfect Storm

Bankruptcy and Family Law Bankruptcy and divorce separately are two of the most stressful events you can experience in your...
Read More

Does the Pandemic Have You in a Holding Pattern? Here’s How to Know When to File for COVID Bankruptcy

COVID Bankruptcy If you’re struggling to make ends meet and you feel as if your life is on hold because...
Read More

Will Your Favorite Retailer File for Business Bankruptcy in 2021?

Business Bankruptcy 2020 was a tumultuous year and many of the financial challenges caused by the pandemic are expected to...
Read More

Boosted and Extended Benefits Keeping Unemployed Afloat – But For How Long?

Unemployment Benefits Were you one of the millions of people who ended up out of a job and using unemployment...
Read More

Should Bankruptcy Laws Be Adjusted Because of COVID-19?

Bankruptcy Laws The COVID-19 pandemic brought a lot of changes throughout 2020 and many are expected to continue into 2021...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions