The Timing For Filing For Bankruptcy Is Important
Many people start the New Year with a resolution to get their finances in order. Filing for bankruptcy protection is a big decision with big consequences. But, it can be a huge relief for people who have been struggling for years, to finally execute a plan to end the turmoil. But, don’t be in too much of a hurry. The best bankruptcy lawyers consult with Debtors about getting the timing right before filing. Filing too early can have negative consequences. Many people use credit cards when buying Christmas gifts. It is very important that you try to wait to file if you have done that. There is a four month look back on credit card purchases when you file for bankruptcy relief. So, if you have used credit cards in December, you should wait until May to file, unless you are facing a foreclosure or garnishment, and you are unable to delay. Filing too soon could result in having to pay back that credit card debt which would otherwise be dischargeable debt.