When Is The Best Time To File Bankruptcy? Should I Stop Paying My Bills?
Once you feel the need to file for bankruptcy, you may believe it will be best to do so as fast as possible. However, that may not be your best option. Depending on your circumstances, it may benefit you to delay the bankruptcy process and continue paying your bills. Since you will have questions about your particular situation, speak with bankruptcy lawyers in Mobile AL at the Loris Law Firm.
Loss of Property
If you file bankruptcy hastily, you may find yourself losing property you would otherwise have been allowed to keep. This can include tax refunds and other property that would be considered nonexempt assets, which could include everything you own other than such necessities as your home, car, clothing, and other necessities. Rather than make a rash decision that could cost you valuable property, talk over your situation with bankruptcy lawyers in Mobile AL at the Loris Law Firm.
Anticipation of Future Debt
If you anticipate future expenses that you will be required to pay, it is beneficial to delay your bankruptcy process. For example, if you have surgery scheduled in the coming months and know you will have expenses associated with it that will be out-of-pocket, you may want to wait before filing for Chapter 7 bankruptcy. By doing so, your medical expenses will be eliminated once you file Chapter 7.
To learn more about the best time to file bankruptcy, consult with bankruptcy lawyers in Mobile AL at the Loris Law Firm.