Most of us try to plan and correctly time the important events in our life as best we can, and filing for bankruptcy is no different. So, when is the best time for you to file a Chapter 7 or Chapter 13 case? The answer depends on your individual situation.
If you have a large number of debts that you are not paying and you have very few nonexempt assets, bankruptcy can significantly benefit you. The timing for filing your case, however, may depend on what activity the creditors have taken against you. For example, if a creditor is about to obtain a judgment against you or is seeking to seize assets, filing your case can halt these actions. Thus, in certain situations it is beneficial to move quickly in filing your bankruptcy case.
If you have more time available, you should consider whether or not you have anticipated debts that have not been incurred yet. You cannot discharge a debt until it has been incurred, so timing your bankruptcy can be important in making sure you include all of your debt. For example, if you have a serious health issue and you anticipate further medical bills, you should plan your filing for after all of your anticipated medical expenses have been incurred.
Similarly, you should hold-off filing your personal bankruptcy case until you have received all nonexempt assets to which you may be entitled. For example, if you anticipate receiving a tax refund, inheritance or type of windfall, you should confer with a bankruptcy attorney to determine the best timing for filing your case. Planning your filing can help ensure you able to keep certain assets that may otherwise be susceptible to seizure by the trustee.
Let us review your financial situation and determine the best timing for filing your Chapter 7 or Chapter 13 case.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.