When Should You File Bankruptcy?

24 Jun When Should You File Bankruptcy?

If you are considering filing a bankruptcy, the timing of when you file might be critical.  If you have filed a bankruptcy previously, there are limits of when you can obtain a discharge in a new bankruptcy.  These need to be carefully examined.

If you haven’t previously filed bankruptcy, you may want to do so quickly to stop a garnishment or foreclosure, or you may want to drag your feet to make sure that you have maximized your exempt assets and minimized nonexempt assets.  Further, you may be looking at a change of circumstances which will affect when you file.  If you’re anticipating an increase in wages, or loss of overtime, or an imminent marriage; these are all factors that must be considered.

The bottom line is that you should consult a good bankruptcy attorney.  Most attorneys will be happy to discuss these issues with you and help you determine when it is right to file so that you don’t make what might be a crucial mistake. 

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.
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