Should You Wait to File?

Most of the time, obtaining a Chapter 7 bankruptcy discharge is an urgent manner for you. You have grown sick of the creditor calls, the attempts to collect on your debts, the struggles in maintaining your finances, and perhaps even lawsuits being filed against you. There are times, however, where it is best to wait to file your case.

It is probably best to wait to file your case if you've repaid a family member for any debt within the past year. If you've incurred a good amount of charges or cash advances on your credit cards within the past 90 days, or even 180 days depending on the amount, it might be best to wait to file. Or if you have significant assets that would be liquidated upon filing, like a large amount of money in a bank account, it might be best to wait until there is less money in that account. Another example is whether you have a large tax refund on the horizon.

If you have large assets such as these, it is probably best to wait to file your case until after you have spent down the money on ordinary living expenses or the value of the asset is lower. That way you can file your case with confidence and be one step closer to obtaining that discharge.