Filing for bankruptcy is a great opportunity for many people to start a better financial future, but there is also a time for waiting and watching. If you believe bankruptcy is in your future, but aren’t sure of when to file, make sure you seek advice and pursue it in the proper timing.
When to Wait
If you are what they call ‘judgment proof,’ then waiting may be an option for the immediate future. Being judgment proof basically means you don’t have anything for creditors to collect from you, such as real estate and non-exempt assets.
It is also important to understand what debts will actually be satisfied by filing for bankruptcy. If the debts that are bothering you will not be eliminated, filing for bankruptcy may not be your best option at the moment.
When to Pursue
As you can see, there are certain times when bankruptcy might not be the best option, but there are also times when it can be a life-saver. If you are at risk of losing valuable things, like your home or car, filing for bankruptcy may be the smart choice.
Above all else, it is important to understand what bankruptcy can and cannot do for you. It is always advisable to speak with a Dallas bankruptcy lawyer when looking at the options in front of you. Take filing for bankruptcy seriously and understand when to pursue it and when to wait. As is the case for most important decisions in life, seek advice when you need it.