When Is the Best Time to File for Bankruptcy?
A person considering bankruptcy may want to think carefully about when they want to file. Depending on the time of filing, a person can save a considerable amount of money and benefit from new options. This is why timing is an essential part of any debtor’s bankruptcy strategy.
If your debt has become a seemingly impossible problem to deal with, it may be time to look for a new solution. Bankruptcy may be able to provide you and your family with financial freedom. For more information concerning your filing options, contact the Birmingham bankruptcy lawyers of GREENWAY BANKRUPTCY LAW, LLC, today at (205) 324-4000.
Timing Bankruptcy Filing for the Best Results
In some cases, a well-timed bankruptcy can end up saving a debtor a considerable amount of money and may even allow them to keep property that otherwise might have been lost. Consider the following instances when either waiting to file or speeding up the process can benefit a debtor:
- Balancing wage averages after income loss for Chapter 7 means test purposes
- Incurring necessary debts prior to filing for bankruptcy, making them dischargeable
- Preparing for a mortgage modification
- Filing for bankruptcy prior to a divorce, which can complicate bankruptcy proceedings
- Protecting home property by filing before foreclosure
Depending on timing, a debtor may be able to qualify for Chapter 7 bankruptcy when they otherwise wouldn’t. This can open up powerful new options to them when filing.
If you’ve become overwhelmed by your debts, you may want to consider the solutions presented by bankruptcy. To discuss what bankruptcy options may be available to you, contact the Birmingham bankruptcy attorneys of GREENWAY BANKRUPTCY LAW, LLC, by calling (205) 324-4000 today.