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Tuesday, April 6, 2010

The Most Common Mistake People In Financial Distress Make

The Most Common Mistake People In Financial Distress Make

What's the most common mistake that people in financial distress make?

They wait too long before calling someone like me

Or at least they probably wait longer than they should.

People get into financial distress for all sorts of reasons. They have a health issue, sudden loss of income, poor financial planning, divorce, or any combination of those or other reasons. Some of these we can control to some degree and some we can't.

But turning to a restructuring professional anyone can do at any time. Most of us will chat for a bit over the phone to discuss the situation at no charge. Maybe you can restructure your debts, maybe you need to file a bankruptcy case, maybe there is some other approach.

And it's probably best that people do so earlier rather than later. Why? Because as time passes your options decrease. If things are not too far gone, maybe there is a chance at restructuring things and avoiding bankruptcy. Even if you are in the position where you must file a bankruptcy, it is possible to time the filing in a way that might be advantageous to you.

It is fairly common that someone contacts me a few months after the point at which I could have saved them some money or presented them with better options. Perhaps they just spent a ridiculous amount of money on a debt settlement program that had no chance of succeeding. Perhaps they just finalized terms of their divorce in a way that compromises their financial situation. Perhaps they got so far behind on their house that they have to file a chapter 13 instead of a chapter 7. Perhaps there is a judgment about to be entered or wages being garnished. There are a lot of different variations on that theme.

The luxury of time goes a long way. If we can plan a little bit ahead, more options are likely to be available.

Call sooner rather than later.

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