by Mark E. Godbey, Lawyer Referral Service Panelist
A person can consider filing bankruptcy at any time and the most important thing to remember is that it is likely never too early or too late to file a bankruptcy. Some people are current on all their debts, but they may see the writing on the wall, i.e., they know it is coming. Most people do not call me until they are getting sued or their wages are being garnished.
A person should consult with an attorney, not necessarily to file bankruptcy, but to just talk about their situation, as early as possible when they know they are in financial straits. It is always best to consult with a bankruptcy attorney before you start withdrawing from your qualified savings such as your 401Ks, or borrowing money from a loan shark at 25 percent, or making other serious financial moves that may get you into a worse position. If you feel you are you in trouble, you should consult with a bankruptcy attorney to discuss your options, some of which may not involve filing bankruptcy at all.