CGA Law News & Blog

The Importance of Seeking Bankruptcy Counsel Early

access_time Posted on: September 5th, 2023

By Attorney Brent C. Diefenderfer

Seeking help from a bankruptcy attorney early in your financial struggles can significantly impact the outcome of your bankruptcy case. An early consultation allows for a more strategic approach to your bankruptcy filing by providing ample time to plan and prepare. Here are a few examples highlighting the benefits of early assistance:

1. Preserving Assets and Maximizing Exemptions:

When you consult a bankruptcy attorney in advance, they can guide you on protecting your assets within the confines of bankruptcy laws. By strategically planning asset transfers and utilizing exemptions, you can safeguard your property while obtaining the debt relief you need. Waiting until the last minute may limit your options and potentially lead to unnecessary loss of assets.

2. Evaluating Alternatives to Bankruptcy:

Bankruptcy is not always the only solution to your financial troubles. By seeking help early, an experienced bankruptcy attorney can assess your situation and explore alternative debt relief options. This could include negotiating with creditors, debt consolidation, or exploring loan modification programs. By considering alternatives, you may find a resolution that avoids bankruptcy altogether, preserving your credit and financial stability.

3. Avoiding Potential Pitfalls:

A rushed or ill-prepared bankruptcy filing may expose you to potential pitfalls that could harm the outcome of your case. By consulting with a bankruptcy attorney well in advance, you can navigate the process carefully, ensuring that all necessary documents are gathered, accurate financial information is provided, and potential issues are identified and addressed beforehand. This proactive approach enhances the likelihood of a smooth and successful bankruptcy filing.

4. Timing and Eligibility for Discharge:

Bankruptcy laws have certain eligibility requirements and waiting periods between filings. By seeking early assistance, you can determine the optimal timing for your bankruptcy case to ensure you meet all necessary criteria. Additionally, certain debts may require careful consideration in terms of their dischargeability. An early consultation provides an opportunity to evaluate these factors, ensuring that your debts are addressed appropriately and maximizing the potential for discharge.

5. Developing a Comprehensive Debt Relief Strategy:

Every individual’s financial situation is unique, and bankruptcy may not be the only component of your debt relief strategy. By seeking help early, you can work with a bankruptcy attorney to develop a comprehensive plan tailored to your specific circumstances. This may involve addressing non-dischargeable debts, developing a post-bankruptcy budget, or creating a plan for rebuilding your credit after the process is complete. Early assistance allows for a holistic approach that encompasses both immediate relief and long-term financial goals.

Timing is crucial when it comes to seeking the assistance of a bankruptcy attorney. Consulting early and having time to plan can increase the likelihood of a positive outcome. Preserving assets, exploring alternatives, avoiding pitfalls, ensuring eligibility for discharge, and developing a comprehensive debt relief strategy are just a few benefits that come with seeking help early. Remember, the guidance of an experienced bankruptcy attorney is invaluable in navigating the complexities of the bankruptcy process and achieving a successful financial fresh start. Act today to secure a better tomorrow.

Brent C. Diefenderfer

Shareholder | Attorney

Brent C. Diefenderfer is a bankruptcy attorney representing clients throughout central Pennsylvania including York, Lancaster, Harrisburg and Gettysburg. Brent is certified as a Consumer Bankruptcy Specialist by the American Board of Certification and is one of only 25 attorneys in Pennsylvania to hold this designation.

Brent advises clients on implementing debt reduction strategies that are appropriate to their unique situation, including bankruptcy under Chapter 7, Chapter 13 or Chapter 11, creditor’s rights and non-bankruptcy debt reduction strategies.

Read Brent’s Bio Page in full HERE.