There are two extreme attitudes towards one’s financial affairs often encountered by Trustees in Bankruptcy in the line of duty. One category of the debtors would delay consulting with us, because they fear to be told the truth about their financial state. The other would announce right at the beginning: “I want to file for a bankruptcy”.
If I were asked which behaviour is healthier, my answer would be: “Neither”.
Delay causes more financial stress
I know from the experience that for many people who are generally reserved about seeking our professional help, claiming bankruptcy would be long overdue. The reason is that the delay often rules out other options available to the individuals as they move through various stages of financial distress.
On another hand, most of the debtors who have preemptively decided to file for a bankruptcy will discover after the consultation that bankruptcy is not only a disadvantageous solution to their particular circumstances, but prohibitive in the first place. The last debtor who called me desperately to file for a bankruptcy wasn’t even insolvent or able to qualify for such a measure. Proper information from a trustworthy source was what was necessary for her to help resolve her problem.
The truth of the matter, though, is that there is no need either for procrastination or for bankruptcy self-diagnosis BEFORE meeting with a Trustee in Bankruptcy.
Take immediate action
Once you start to realize that the debt is becoming a burden consuming everything else important in your life, taking immediate action is paramount to your quick return to financial stability. You are encouraged to do your research including internet, share experiences with friends or relatives and to be generally aware of the financial recovery strategies. But save yourself from trouble using these resources to substitute professional consultation offered by most of the trustees free of charge and no obligations afterwards.
It is our professional mission to tailor the appropriate financial solutions (in plural, yes, whenever possible) which would serve your immediate needs and in the long term. Our goal is to help you to avoid bankruptcy, but if the latter is imminent it is important to learn it from the Trustee in Bankruptcy and not the other way around.