Why do some folks wait a long time to file BK?

[swampwiz]

I have been reading about some folks who haven't made payments for a year or so and will be filing BK, but yet they wait. What is the reason for this? Why don't these folks simply wait the 3 or 6 months and file BK and get over it?

[AngelinaCat]

Because they have financial or personal reasons that preclude them from doing that.

[ace13]

I'm new to this but I'm guessing they may have some charges that could be objected to and they want to avoid an AP. At least in my case, that's where I'm at. I was convinced we could file after the 90 days, but I'm scared to death now...and all because I needed a furnace in June...I don't think heat is a luxury in the Northeast...but my creditor might.

Just plain scared now!

[LimpDisc]

"To each his own"

[AngelinaCat]

I'm new to this but I'm guessing they may have some charges that could be objected to and they want to avoid an AP. At least in my case, that's where I'm at. I was convinced we could file after the 90 days, but I'm scared to death now...and all because I needed a furnace in June...I don't think heat is a luxury in the Northeast...but my creditor might.

Just plain scared now!

Ace13, don't be scared. Your necessities are not luxuries. If you can wait until December to file, you should be okay. More will be coming in a PM.

[ready2puke]

I know I have several large BT's from one cc to another to pay it off. I have one cash advance. The attorney I'm probably going with tells me to wait until I either cant stand it anymore or get sued.. I'm getting pretty darn close to both I believe. Its been 13 months since I've paid a cc...
Believe me I wish this nightmare was long gone

[DeadManCrawling]

We have not filed yet, and have not paid in nearly three years on any unsecured. We stopped payment on our mortgage in Feb 09.

There are reasons for all of this, and none have to do with the lookback period. Mostly it was other developments, which include medical problems that continue to be an issue.

Also, because of the medical debt, we expected our income would drop to a level where we could be in CH 7 rather than 13. That has come to pass.

I would have filed three years ago, when it was apparent we needed to, but circumstances dictated we wait.

Now, the time draws nigh and we will be filed, hopefully, by the end of the year.

I guess this is what everyone calls BK planning.

Best wishes,

-dmc

[liz417]

I waited a year before I filed because I had to save up the $4k to pay my attorney (thought I was doing a ch 13 at the time). Anyway, I ended up in a ch 7 with a different attorney and an extra $2k in my pocket...so waiting that extra year really helped my situation (aged my cash advances/balance transfters) and my ch 7 was smoooooth sailing all the way to discharge....

[NSH]

My major reason for waiting over two years after getting into horrific debt (I still have not filed) is because I was desperately hoping not to have to file and that I could find some way to pay the debts. Now I am being basically forced into a corner and will have to file.

The irony is that with the huge debts I have, this "noble instinct" to wait in the hopes of paying, may end up helping me a great deal because I have such massive debt that I probably would get all sorts of objections from creditors had I filed, say 90 days from 2 years ago, instead of waiting probably until early next year.

[momisery]

In some cases it could be planning. In others it is simply not wanting to give up. Thinking that the right thing to do is to keep trying, and really believing that things will turn around. With us, even when the lay offs hit us we were so sure that a good job was right around the corner. It is hard to believe that you are not able to do it anymore, that things have changed for some of us, maybe for good. I guess you could call it the "good fight", with a bad ending.

[Penny Less]

For me it was a year of denial, being too broke to afford food, a lawyer, etc, and then job hopes that didn't work out. Ironically "doing better" for me is being able to afford the bankruptcy...

[momisery]

For many that file a 7, doing better is staying well enough so they are not faced with medical debt and no way to file again for several years.

[Penny Less]

True true but anyone of us could have something unexpected happen. I've been thinking of it more as sweeping a porch - the leaves (medical debt) pile back up eventually but it keeps things from getting too nasty in the meantime.

[OhioFiler]

We've delayed filing because I know it perplexes some posters on here.

[leena]

I waiting a pretty long time. I was in denial about the extent of the debt problem, as many people are. I was also in the odd situation that many of my debts were so old they were no longer on my credit report. The killer, however was that they were substantial amounts and when one large creditor hit me up with a judgement just at the end of the time allowed to do so after the last payment is made I knew I really had no choice but BK.

However, that very creditor went after me via a threatened garnishment and I then had to do a payment agreement with them that impaired my ability to save up for an attorney. You know, I remember the conversation I had with those people, it was truly funny. Even though I knew I could not afford to file ASAP, when they told me they would not deal with me and they would go ahead with the garnishment I just said very calmly "well, that's a shame because then I guess I have to file BK now". At first he scoffed that us deadbeats never stick to agreements anyway, and he did not care if I filed BK and we debtors were always threatening that, too. I said, "well, I am really sorry because I need to file now and you will not get any of this amount I owe then". His attitude totally changed. We made an agreement then and there-weird. I think a lot of these collectors are paper tigers. They lie a lot, make threats they will not or can not follow through on, and in the end will very often negotiate with you if you quietly stand your ground.

Anyway, I think a big problem is that a simple BK in now close aorund $1,700.00. Thta is a lot of money for someone who is struggling.