You may be thinking that in filing for bankruptcy, there is really never a good time to do so. This could not be further from the truth as I am sure your bankruptcy lawyer would tell you. The timing of the filing of you case can make a big difference in terms of being able to discharge certain debt, and not being able to discharge debt.
Filing your bankruptcy case as soon as you can afford to can stop annoying phone calls and collection letters, stop garnishments and foreclosures, make sure that you will be below the median income for your state if you are expecting a raise in the near future, and allow you to start rebuilding your credit immediately.
There are also several reasons why a debtor should choose to wait to file their bankruptcy case. Some of these reasons include avoiding a preference period for the transferring of assets to family members, waiting more than 90 days in order to make sure you are past the presumption period for fraud for making large expenditures on your credit card, allow your income to get below the median income if you have recently had a job loss or reduction in pay, make sure enough time has passed in order to discharge old taxes and finally waiting is advisable if you need to wait until enough time has passed since the last time you have filed for bankruptcy.
Therefore due to the complex bankruptcy rules, depending on your situation, it may more sense to file now or perhaps wait a few months as the timing of you filing can make a big difference in your case if you are not careful. Meeting with a bankruptcy professional should help you plan your next moves, going forward.
If you have additional questions regarding bankruptcy planning please give Symmes Law Group a call at 206-682-7975