When is the Right Time to File for Bankruptcy? - Westgate Law

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When is the Right Time to File for Bankruptcy?

When should you file for bankruptcy? Obviously the time to file is when it’s necessary due to financial crisis, but once you have decided that your situation warrants bankruptcy, when should you file? Is there a best time to start the proceedings?

Depending upon the time you file, you could save a noticeable sum of money and notice additional benefits. Timing should definitely be a part of bankruptcy strategy. If you feel that your debt is creating an impossible problem that you just can’t deal with on any reasonable level, you should look for a new solution. For many, this new solution is bankruptcy. Filing for bankruptcy can provide you and your family with the freedom from debt that you need to move forward.

Timing Your Bankruptcy Perfectly:

A well-tied bankruptcy could end up saving you, as the debtor, a substantial amount of money. It could make the difference between losing or keeping property. For instance:

It could be advisable to incur necessary debt prior to filing for bankruptcy in order to leave them eligible for discharge.

Timing considerations in connection with mortgage modification preparations.

When divorce is imminent, it is advisable to file for bankruptcy first if possible as bankruptcy complicates and delays divorce proceedings.

Filing prior to foreclosure is advisable in order to protect your home.

Timing is everything when a debtor is on the edge of Chapter 7 eligibility.

For answers to all your questions about when to file and what difference it will make for you and your family, contact the experts on bankruptcy law at Westgate Law.

About the Author

Justin Harelik

Justin has a singular goal: to get people out of financial distress and move them to financial stability and prosperity. He does this by combining 15 years of in-depth experience in bankruptcy, credit management, debt negotiation and student loan modifications, and he does it with both English and Spanish-speaking clients.

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