Some people put off filing for bankruptcy because they are scared of the consequences or worried about what others might say. Some delay because they believe they are too busy to make it a priority right now or because they still cannot accept the reality of their situation.
The problem with delaying is that it will typically make the situation worse. Here is why:
Interest and late payment fees can soon send your debt rocketing, especially with credit card debt. Dealing with matters sooner means you enter bankruptcy owing less, so you can hopefully emerge with a better deal.
If you have not been keeping up with your mortgage, the lender will have a limited amount of patience. If they seek foreclosure, you may need to move fast to file for bankruptcy to put a halt to the process. It might not end it permanently, but it will buy you time to look for options to preserve your property.
Many people end up anxious or depressed due to their debts. Whether you realize it or not, that may be affecting your relationship with others, as well as yourself.
Imagine if someone comes up with an offer for a business partnership. They might withdraw once they realize you still have unresolved financial problems.
Getting legal advice now can help you put aside your uncertainties. Armed with good information, you can decide whether now is the right time for you to file for bankruptcy.