When to Delay Filing Bankruptcy
You should consult with one of our Dallas bankruptcy attorneys or Fort Worth bankruptcy attorneys before you decide to file for bankruptcy and they can help you determine if this is the time to file or if you should wait a while.
Some of the valid reasons you may want to delay bankruptcy are listed below:
- If you have recently accumulated a large amount of debt your creditors might claim fraud and try to prevent your elimination of that debt through your bankruptcy.
- If you have borrowed money from your family members and repaid all or part of it in the last year a bankruptcy trustee can require your family members return this money. You may want to delay the bankruptcy so your family can keep the amount you’ve repaid.
- If you have recently had a reduction in your income or expect one soon you might want to delay a bankruptcy filing. There is a means test required to determine your bankruptcy eligibility which typically is not a problem but if you make too much it can be. The last six months of your income are considered in the means test so if you expect an income drop you’ll want to wait.
- If you’ve filed bankruptcy within the past eight years and want to file a Chapter 7 .
- If you want to file a Chapter 13 and filed within four years, you may need to delay to get the most benefit as you can out of a bankruptcy.
- Divorce is a unique situation and in some cases it’s better to wait until it’s finalized before you file for bankruptcy and in some cases it’s best to file before the divorce was finalized.
One of our attorneys will access your personal situation and let you know if now is the best to file your bankruptcy.