
According to a law review posted this year, the longer an individual delays in filing bankruptcy the more difficult it gets. This not only damages the person financially, but it affects his or her well-being or health. Once debt becomes unmanageable and assets start depleting, lawsuits for debt collection start piling up and people become unable to afford basic necessities. For this reason, it is important to understand the right time to file for bakruptcy.
A recent report from Notre Dame Law Review says that waiting and suffering in debt has become a common scenario within America. It also shows that the number of people who waited for five years or more before filing bankruptcy has doubled compared to last year. Research shows that if you wait, your financial situation will get worse rather than improving.
So, when should you consider filing for bankruptcy? CEO of GreenPath, Kristen Holt, says that one should call the counseling agency as soon as stress starts building up. One can consider the following factors to determine the right time:
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