There are many reasons on deciding when to file the bankruptcy one of the most important factors is the timing of the filing. As a bankruptcy attorney it is my expertise to assist a client on when to file. Below are reasons to either speed up and file immediately or delay your filing to a later date.
Reasons to delay filing for bankruptcy in Florida:
You recently lost your job – When filing for bankruptcy you must use your last six months income to determine whether or not you qualify for chapter 7 bankruptcy. If you are recently unemployed then it might be a good idea to wait a few months and decrease the income that determines whether or not you qualify for chapter 7 bankruptcy in Florida.
You have made a preferential payment – If you have made a preferential payment to a creditor over the last 90 days you may want to delay your filing until the 91st day beyond the preferential payment.
Credit card usage – If you have made luxury purchases on your credit cards within the last 90 days, or if you have take cash advances within the 70 days prior to filing for bankruptcy you may want to wait till those time periods are over or those debts will not be dischargeable.
Your bankruptcy case has been previously dismissed – Usually if a bankruptcy has been dismissed you must wait 180 days to file again.
You want to discharge taxes in a bankruptcy – Some taxes can be discharged but a debtor must wait approximately three years after the taxes were due.
Reasons to Speed up your bankruptcy filing in Florida:
You are being sued /garnished/bank accounts frozen – if you have been sued, had your wages garnished or your bank accounts have been frozen then the filing of the bankruptcy could undue or remove these consequences.
Your foreclosure sale is coming up – if you file prior to your foreclosure sale then you are temporarily protected by the automatic stay. This strategy could allow you to remain in the home for an extended period of time.
If you are thinking of filing for bankruptcy and would like to have a free consultation with a bankruptcy lawyer then please give Ofer Shmucher from Shmucher Law, PL a call. We offer free consultations in any of our South Florida offices including Boca Raton, Fort Lauderdale, Miami, Plantation, and Sunrise Florida.