The Hidden Costs of Delaying Filing Bankruptcy

HiddenCostofBankruptcy

Filing for bankruptcy is a choice that can offer a second chance for those who have found themselves in a true financial crisis. Sometimes, bankruptcy is put off by people who think they can save themselves from a truly dire financial situation. In this situation, there are some hidden costs for not filing bankruptcy. They are:

  • Interest accumulation on existing and unpaid credit card and loan balances
  • Penalty fees are incurred for late payment and non-payment of credit lines
  • A negative impact on your credit score for late and non-payment of credit lines
  • An increase in likelihood of being sued over debt defaults
  • An increase in likelihood of asset seizure following a judgement being secured by a creditor
  • Garnishment of wages upon a judgement being secured by a creditor

What is most often forgotten by those who think they can put off filing for bankruptcy is the fact that other bills that cannot be included in a bankruptcy still continue such as:

  • Day to day living expenses
  • Student loans
  • Spousal/Child support

Contact the team at Gold, Lange & Majoros, P.C. today for help in determining if bankruptcy is a solution for someone you know and care about.

What To Do Next?

Your financial life is important and when delinquent debt and other factors threaten to destroy it, waiting to file for bankruptcy is a critical mistake. If you feel that your financial life is being threatened and are at risk of losing your most important assets don't wait to get help contact us today or call (248) 350-8220.