Determining the Best Time to File for Bankruptcy

Deciding to file for bankruptcy can be difficult for many people. However, once you've decided to file bankruptcy, there are still numerous other decisions you will need to make. One of the first and most important decisions is figuring out when to file for bankruptcy.

Depending on the type of bankruptcy you file, you will likely still have financial obligations once you've filed. Whether you have monthly mortgage payments, rent, a car loan or just the day-to-day expenses of food and gas, it is important to make sure you still have enough money to make ends meet.

If you are trying to determine the best time to file for bankruptcy, I can help. I'm Marcus A. Rosin, P.C., and I have experience helping individuals use bankruptcy as a positive means to rebuild their finances.

Understanding the Factors That Influence Timing

When you are thinking about filing bankruptcy, there are a number of factors that can influence when you should file:

• Foreclosure and car repossessions: If you are in danger of losing your house to foreclosure or car to a repossession, filing for bankruptcy immediately stops the foreclosure proceedings or car repossession.
• Creditor harassment: If the threats and phone calls are unbearable, filing bankruptcy will immediately stop your creditors from calling you.
• Creditor lawsuits: Any lawsuits filed against you will be stopped when you file. Creditors will not be allowed to pursue any actions against you, including judgments or any attempts to garnish your wages.
• Trustee payments: If you file Chapter 13 bankruptcy, you will need to make trustee payments for the next three to five years. If you can't currently afford that, it may be beneficial to wait until you have a new job or a better source of income.
• Wage garnishments: If your wages are currently being garnished or are about to be garnished by a creditor, filing for bankruptcy will stop the garnishment and allow you to keep your wages.
• Job stability: When you file bankruptcy, your income is determined based on the past six months. If you do not have a job, it may be best to file now before you start having income that may make you ineligible for a Chapter 7. If you have a steady job but anticipate losing it, it might be better to wait to file bankruptcy.

An experienced Cumming filing for bankruptcy lawyer can help make sure you file when it is most beneficial for you. Filing too early or too late can have financially difficult repercussions. I can help you use Chapter 7 and Chapter 13 bankruptcy to best meet your financial needs. Contact me online or call (678) 208-0339 to schedule your free initial consultation with an experienced Georgia attorney.