If filing for bankruptcy is among your plans, you should try to do it as soon as possible. For example, filing for bankruptcy can prevent a foreclosure, repossession, or wage garnishment. Also, it helps you keep more property and lets you discharge the debt.

Try to keep in mind that it’s not uncommon to have competing issues. There are always reasons to file soon and reasons to wait for it. But just to get a little perspective and to clear up some of your worries, here are 7 reasons why people can benefit from filing for bankruptcy sooner rather than later.