Sometimes, the best option you've got is to file for bankruptcy. In many cases, deciding to engage in bankruptcy quickly is a good decision in order to prevent wage garnishment, foreclosure, or repossession. This decision can help you keep more property and reduce the debt you owe.
Some of the questions you will likely ask yourself before deciding to file bankruptcy include:
  • How much do you owe on your credit cards and are you only making minimum payments?
  • Are you using credit cards wisely or using them to pay for necessities?
  • Do you feel like your finances are out of your control?
  • Are you being contacted by bill collectors on a regular basis?
  • Are you in danger of losing your home to foreclosure?
If your answer to one or more of these questions is yes, then the decision to file bankruptcy may be obvious. However, the challenge may be whether the timing of a bankruptcy filing is right. Timing matters in some cases because filing at the wrong time could mean you lose assets you might otherwise be able to keep, and because filing at the wrong time could hamper negotiations with creditors.

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Cibik & Cataldo: Philadelphia Bankruptcy Lawyers