Bankruptcy is a serious decision, but when you’re in need of protection, it’s not the time to procrastinate. A lot of people who file for bankruptcy are prone to procrastinating. This may be because of the surmounting debts that they are facing. These individuals keep pushing off payments, which is how they ended up in a financial crisis. But you can right all of your procrastination with one swift action. When you are getting ready to file for bankruptcy, don’t wait. One bankruptcy specialist rights that many people don’t see the urgency of bankruptcy until a creditor garnishes their wages or levies their bank accounts.

One couple in California knew that they needed to file for bankruptcy protection, but said that they were too busy to do so. The couple carried on with their lives while creditors kept calling. Then, suddenly one day, their bank account was empty. When they investigated, the found out that one of their creditors had obtained a writ of execution and the money had been seized to pay a debt. If they had filed for protection earlier, this couple would have been able to avoid that devastating loss. The courts would have posted an automatic stay on the bank account. This prevents any creditors from tapping into your finances while you liquidate your assets or come up with a payment plan.

If you procrastinate on your bankruptcy than you may also suffer from wage garnishment. This occurs when creditors take money directly out of your paycheck. Bankruptcy will stop this action, but the garnishment will make it harder for you to start your bankruptcy because you won’t be able to pay the fees that initiate the process. Another danger to procrastination is a foreclosure. Once the memorandum of sale is signed, then you can’t revoke the foreclosure of your home with a bankruptcy. You will have to file before if you have hopes of staying in your home. In some states, if you procrastinate on bankruptcy it can even land you in jail.

Not only can you be pressed for lawsuits but you may have to deal with supplementary process summons. If you ignore your summons, then a civil arrest warrant will follow. You will probably get a phone call from a sheriff who will tell you that you need to arrange voluntary attendance at a courthouse, but the situation can still be scary. It’s always best to file for a bankruptcy whenever you believe that you are getting into financial trouble, rather than procrastinating until you are at a tipping point. Emergency bankruptcies cost more, and are more stressful. If you file well in advance, you can be sure to divert your creditors before things get too serious.

As soon as you have filed for bankruptcy and been approved, your creditors can’t tamper with your finances. You won’t end up with garnished wages, levied bank accounts, hampering phone calls, unwelcome visits or threats or foreclosure and arrest. If you know that you can pay back the money that you owe if you were given a solid plan, and you are sure that you will have an income coming in during your repayments, then you might be able to file for a Chapter 13 bankruptcy. If this doesn’t work, then you can always file for a Chapter 7 and liquidate your assets. While it may seem sad to declare bankruptcy, you need to remember that it’s worse to face foreclosure or lose all of your money. You will be in a safe spot if you talk with a bankruptcy lawyer and start your process fast.