Waiting to file for bankruptcy protection can be a smart move financially in some cases, and your specific situation and circumstances will help determine whether you should file now or wait. There may be advantages offered if you wait, and an experienced bankruptcy lawyer can help determine the ideal timing for your bankruptcy filing so that you get the best possible results from this case.
Relocating to a new state may make a wait a good idea. Some states offer certain state exemptions that may be more beneficial than the federal exemptions offered, but you must meet the residence requirements for this state. This may mean a delay of a few months until you have resided in the state for the required amount of time.
Your new home state may offer better state exemptions than the state you moved from, and in this case the residency requirements for the new state must also be met. The means test will determine whether you can file for chapter 7 bankruptcy or whether you need to file under chapter 13 instead, and your income history and current income sources and amounts will be taken into consideration.
Certain Types Of Debts May Require Specific Time Restrictions Or Requirements
In bankruptcy cases some types of debts may have specific time requirements, and waiting may make it possible to meet these requirements so that you get a better outcome from your bankruptcy case. In a chapter 13 case it may be possible to lower any vehicle loan payments but only if you have owned the vehicle for at least 910 days before you file for bankruptcy protection.
Some unpaid income tax debt can be discharged, but this can be very difficult in many cases and certain restrictions and requirements must be considered. An experienced bankruptcy lawyer can help you determine whether any unpaid taxes that you owe can be discharged, and when the best time for filing to meet this goal may be.
Certain Situations May Make A Delay In Filing Beneficial
If you have recently used a credit card and you plan on listing this account in bankruptcy you may want to wait. In some cases new charges on credit accounts may not be covered under bankruptcy protection. If you sold or transferred property in the last few months or you have repaid loans from family members not too long ago then waiting may be the best choice in many cases. Filing too soon could cause complications due to these recent actions.
If you have any questions about bankruptcy then an experienced and qualified bankruptcy lawyer should be consulted. The bankruptcy attorneys at Richard West Law can help provide a free debt consolidation consultation to help you find the right answer for your unique debt problems and circumstances. Visit https://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.