No. It is almost never too late to file bankruptcy. Assuming that it is a dischargeable debt (meaning one that is not incurred through fraud, or a domestic support obligation, or one of the others Congress has excluded from discharge), you can still get rid of the debt even if a creditor has filed a lawsuit against you and received a judgment. You can even get rid of the debt if they have a lien against your property (although the lien will remain against the property unless you are able to remove it during the bankruptcy proceeding–see below). We routinely remove liens that are placed on our clients’ property.