Too many people wait until their back is against the wall to file bankruptcy. For example, they receive a notice of wage garnishment, their bank account is frozen, or their vehicle has been repossessed. Just as it is easier in medicine to treat a disease in its beginning stages, it is much easier and much less stressful to file bankruptcy before the creditors are pressuring you in full force.
It is a misleading notion to believe that all is well as long as you are making the minimum payments on your credit cards. First of all, you are throwing away money since the payments are only paying the interest and not the principal. In time the creditor will sue you for the balance, and once the creditor obtains a judgment against you, there is the possibility of losing your property. Continue reading
