Timing Your Bankruptcy Filing
Sometimes it makes sense to file for bankruptcy right away, and sometimes it's beneficial to delay your filing. How to time your bankruptcy petition depends on numerous factors. For example, if you are facing imminent foreclosure or car repossession, you may need to file immediately. On the other hand, if you will incur more debt in the near future, will more easily qualify for the Chapter 7 means test in a few months, or just moved and want to take advantage of your new state's exemptions, delaying your bankruptcy filing might make sense.
Timing a bankruptcy filing wisely can have a significant impact on your future.
It's often advantageous to file for Chapter 7 bankruptcy before you lose your home to foreclosure.
Whether you should postpone your bankruptcy filing after relocating to a new state will depend on the exemptions of the old and new states and whether you purchase a home.
If you recently transferred property out of your name, you might run into a problem if you file for bankruptcy.
Should you buy a car before or after filing for bankruptcy? Learn the pros and cons of each option.
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