The decision to file bankruptcy can be a tough decision, and some would say that deciding the right time to file bankruptcy can be even tougher. Filing bankruptcy doesn’t have to be a difficult or painful process however. Because of the long lasting financial and legal implications of filing bankruptcy it’s important to get help from a trusted bankruptcy attorney who will be invaluable during the process.
By simply just meeting with an experienced bankruptcy attorney (the first consultation is typically free), they will be able to look into your unique financial situation and help you to determine, not only if it’s the right time to file bankruptcy, but if you should even file a bankruptcy petition at all. Some time, bankruptcy isn’t the best option and a true professional bankruptcy lawyer will tell you that in your first meeting.
In looking at some specific situations where you might want to wait to file bankruptcy is when you are planning to use bankruptcy to prevent a foreclosure of your home. If you have the ability to modify the mortgage directly with the home loan servicer, you should hold off on filing bankruptcy. Another reason, you may want to delay if your income has been unusually high in the last 6-12 months, especially if you need to pass the means test to be eligible for bankruptcy.
In looking at circumstances where you want to file bankruptcy as soon as possible would be if your home is in the foreclosure process and the mortgage provider has refused to negotiate the terms of your mortgage. Also, if you are only making the minimum payments on your credit cards every month and using them to pay for necessities, this can be a warning flag that may signal a need to file bankruptcy sooner than later. There are many other instances in which it may make sense to file bankruptcy quickly, so don’t hesitate to contact a Dallas local bankruptcy attorney to get the answer you need to move forward in confidence.