{"id":2914,"date":"2019-01-31T09:00:09","date_gmt":"2019-01-31T09:00:09","guid":{"rendered":"https:\/\/www.karinalucidlaw.com\/?p=2914"},"modified":"2021-04-15T09:14:00","modified_gmt":"2021-04-15T09:14:00","slug":"how-long-can-i-delay-my-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.karinalucidlaw.com\/how-long-can-i-delay-my-bankruptcy\/","title":{"rendered":"How Long Can I Delay My Bankruptcy?"},"content":{"rendered":"
Bankruptcy might just be the best available option if you happen to find yourself deep in debt and unable to settle your financial obligations. However, you must be aware that bankruptcy filing does have undesirable consequences which can affect your life. On the other hand, filing for bankruptcy is actually good for you to obtain discharge of debts and this may give you some sort of relief from issues you may come across when in the red.<\/span>The discharge is an irreversible order from the bankruptcy court that relieves you of your debt. Another favorable end result is that declaring bankruptcy prohibits your creditors from attempting to make you pay instantaneously. However, be mindful of undesirable consequences like loss of property and an adverse effect on your credit score.<\/span> Furthermore, waiting until your situation changes for the better can be a disadvantage because it can keep you from being eligible to file a Chapter 7 bankruptcy<\/strong><\/a>,\u00a0 leaving you no other choice but to file for Chapter 13 bankruptcy<\/strong> <\/a>instead. This is unfavorable because in Chapter 13, you will have to settle as much as you can with your creditors during your repayment plan (about three to five years) instead of having your debts written off, as in the case of Chapter 7. Your repayment plan will most likely cost you more money because it is dependent on your income. Had you sought the guidance of a bankruptcy attorney early on, you would have been aware of your options to secure a fresh start.\u00a0<\/span>Time is gold. The longer you wait, the more you are delaying your discharge, which is your key to your new beginning. Your time is important. When bankruptcy is the remedy to your financial problem, it is best to get it over with as quick as can be to make sure that you can begin preparing and\u00a0 restoring your financial life. Regardless of an improving or worsening situation, it is best to get in touch with a bankruptcy attorney who will provide the best legal advice that may help alleviate your economic situation.<\/span><\/p>\n
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\n<\/span>While the suggestion of declaring bankruptcy seem unpleasant albeit more sensible for lack of better alternatives, it is wise to bear in mind that, in particular scenarios, postponing your bankruptcy can be expensive in the long run.<\/span><\/p>\nWhat happens when you postpone bankruptcy filing?\u00a0<\/span><\/i><\/h2>\n
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