Timing Tips When Filing For Bankruptcy

Timing is a vital issue to consider if you want to file for bankruptcy. When you properly time your bankruptcy case, you can experience the best results from it. You can also avoid problems when filing if you time it right. If you want to file, here are some timing tips to consider that might help you with your case.

Do Not File Too Soon if You Already Filed

Did you file bankruptcy at some point in the past? If so, you must learn the legal waiting periods for filing again, as this could affect your current case. A bankruptcy lawyer can help you learn more about the timing of a second case. When you filed for Chapter 7 in the past and want to file another Chapter 7 case, you must wait eight years. If you want to file Chapter 13 this time, you might only have to wait six years. Filing for Chapter 13 first or second also has rules relating to timing, and your attorney can help you determine when to file based on your previous filing.

Time It According to Your Income

The second timing issue to consider is your income. If you want to file for Chapter 7, you must pass the means test, which is an income test. As a result, you might need to time your filing based on your income. For example, if you received a large one-time bonus from work, this extra money might disqualify you from passing the means test. If you wait long enough, you will not have to include it when performing the income test, which means you might qualify for Chapter 7 by waiting.

Consider Your Debts

The last timing factor to consider is your debts. If you charged things on your credit card or took cash advances, you might need to wait a certain time before filing. Another debt factor to consider is judgments. If you have creditors that might file judgments against you, it might be better to file sooner rather than later. You can present a list of your debts to your attorney to learn more about timing issues relating to your debt.

If you time your case correctly, you can eliminate some challenges from it. You can also experience better results. If you have questions about bankruptcy, talk to a bankruptcy attorney today. An attorney can give you the best advice for your situation.

For more information, contact a bankruptcy attorney near you.