WHY DELAY CAN LEAD TO DISASTER
So many of Steven N. Taieb’s clients are facing anxiety and depression due to the overwhelming stress that financial hardships have created. Since Mr. Taieb has dealt with people in this predicament for the past 33 years and understands why people get into debt, he willingly wants to help people get the stress out of their lives by getting the bankruptcy stay into effect.
Mr. Taieb is also the author of The Debt Trap: How Your Life Choices Impact on Your Financial Future. Since he understands the reason for the debt, he can get to the root of the problem.
People have to learn that a delay in filing a bankruptcy can have devastating effects. Also, the delay in providing essential documents can be devastating too since it can lead to a bankruptcy case being thrown out. It is no longer automatic that one can just refile a bankruptcy petition as was done in the “old days”, before the current law was enacted in 2005.
Here are a few examples of how delay can literally make you lose your property:
1) People don’t open their mail or ignore legal papers. Mr. Taieb has had people come in after a tax sale foreclosure occurred or after a sheriff sale occurred. You can still file a bankruptcy petition after a sheriff sale occurred within the redemption period, however you have 60 days to refinance and it is extremely difficult to get someone to refinance you after a sheriff sale occurred.
2) Your car was repossessed. It is true that you can get a vehicle back after your is repossessed as long as it has not been sold. However, it is much better to file when you are a little behind then when your vehicle is on repossession status.
3) Your wages have been garnished. The bankruptcy will stop any future wage garnishment but look at the money you lost by delaying.
Also, you must get all documentation when you do file or a trustee will move to throw out your case since you did not cooperate with the trustee. Even though you are allowed to refile after a dismissal, there is only a 30 day stay unless you can establish a positive change in circumstances to extend the stay.
Mr. Taieb understands the stress you are under. However, without the protection of the bankruptcy stay, the stress will only get worse. If you have questions regarding this matter or any other matter contact TAIEBLAW at 856-235-4994, or visit our website at TAIEBLAW.COM.
Steven N. Taieb, Esq. has been a South Jersey Bankruptcy Attorney for over 33 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.