When is it the right time to file Bankruptcy?
May 30, 2020|Bankruptcy
When is it the right time to file bankruptcy?
When is it the right time to file bankruptcy?
Just like stand up comedy and batting in baseball, filing bankruptcy is all about timing.
File bankruptcy too early, or too late, and you risk losing assets or advantages that better timing could have assured.
Admittedly, you don’t always have the luxury of filing bankruptcy on your own schedule. But for those who can plan ahead, better bankruptcy outcomes are available.
When law tells time
The bankruptcy code measures lots of rights with reference to events occurring before filing. Some of these rights involve you, the debtor. Other rights belong to the bankruptcy trustee, or your creditors.
These time periods affect
Exemptions
Discharging taxes
Tax refunds
Clawbacks of money transfers
Eligibility to file bankruptcy
The amount of your Chapter 13 payment
