Usually, the very last thing any person wants to do is file for bankruptcy protection.

So much so that the average person will wait two years longer than he or she should have before filing.

Under a typical scenario, a person likely will have stopped answering the telephone – or jumped when it rings – for fear of bill collectors. He or she also likely hasn’t opened the mail, dreads when the doorbell rings and kept their financial secrets from friends and family as long as possible.

There is no specific rule for determining when a person should file for bankruptcy protection. But there are several indicators that suggest one should at least consider when filing a bankruptcy is probably in a person’s best interest.

Among them:

• Going through a home foreclosure or car repossession. Your credit already is ruined by those events, anyway. Also, the creditor is bound to file a lawsuit in the future after a foreclosure or repossession for the deficiency from the resale of home or car, if there is any.

• Receiving garnishments or a tax levy. If you are unable to pay a creditor unless forced to do so by a court order, that usually means then other creditors cannot be paid.

• You have stopped paying bills. If you cannot pay the debt, why leave it hanging over your head for future problems collecting interest and late fees?

• Having more debt then you can foreseeable pay off or borrowing more money to pay off loans. While your credit still may be OK, if your debt structure is to large to pay off in the foreseeable future all you’re really doing is moving furniture around on the Titanic.

Ask yourself where your ship is really going and come up with a sensible plan for dealing with it. Ignoring the problems will not make your debt go away.

The law firm of Habib and Zalewski p.c. servicing the Queens New York community can provide you with a free consultation about any of your bankruptcy needs. Call us at 718-263-6800